Greenidge Generation Holdings Inc. - GREE STOCK NEWS

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced that its New York facility will remain unaffected by the recently approved Senate Bill S6486D, which aims to limit air quality permits for cryptocurrency mining. According to the company's official statement, the bill's language confirms that it does not apply to Greenidge's operations, allowing the Dresden, NY facility to continue without interruption. The renewal application for the facility was filed on March 5, 2021, ensuring its compliance with existing regulations.

Greenidge Generation Holdings reported significant financial growth in Q1 2022, with total revenue reaching $37.7 million, a 240% increase year-over-year. Cryptocurrency datacenter revenue rose 158% to $23.2 million. The net loss stood at $0.4 million, compared to a net income of $1.3 million in Q1 2021. Adjusted EBITDA was $9.2 million, or 24.5% of revenue. Greenidge produced 561 bitcoin in the quarter, with a liquidity of approximately $126 million as of March 31, 2022. In April, 197 bitcoin were produced, maintaining a mining capacity of 1.6 EH/s.

Greenidge Generation Holdings Inc. (GREE) reported preliminary results for Q1 2022, anticipating revenues of approximately $38 million and Adjusted EBITDA between $8 million and $10 million. The company produced about 561 bitcoin with a mining capacity of 1.6 EH/s from 19,400 miners. As of March 31, 2022, Greenidge held $122 million in liquidity, including $97 million in cash. An additional 29,800 miners are scheduled for delivery, projected to increase capacity to 4.7 EH/s. The company is working with the New York Department of Environmental Conservation for a permit renewal, which is extended to June 30, 2022.

Greenidge Generation Holdings (GREE) reported a remarkable increase in total revenue to $44.3 million, up 617% year-over-year for Q4 2021. Cryptocurrency datacenter revenue soared to $33.7 million, marking a 676% increase. Despite a GAAP net loss of $41.4 million, mainly due to a $42.3 million noncash goodwill impairment, adjusted EBITDA reached $19.1 million, representing a 43.2% margin. The company produced 609 bitcoins in Q4 and had liquidity of $84.4 million as of December 31, 2021. Greenidge aims to enhance its mining capacity with additional miner deliveries throughout 2022.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) has announced the closing of two financings totaling approximately $108 million to enhance liquidity for its 2022 growth. This includes a $81.4 million facility backed by Bitmain ANTMINER S19 J Pro equipment and a $26.5 million secured note tied to real estate in Spartanburg, SC. CEO Jeff Kirt emphasized that these non-dilutive financings align with the company’s strategy to expand its datacenter capacity to 4.7 EH/s, particularly outside of New York.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced preliminary financial results for Q4 and the full year 2021. The company expects Q4 revenue of approximately $44 million and a GAAP net loss between $(51) million and $(41) million, impacted by a noncash goodwill impairment charge of $42 to $47 million. Adjusted EBITDA is projected at $18 to $20 million. For the full year, revenue is anticipated to reach $107 million with a net loss of $(54) to $(44) million.

Greenidge mined 1,866 bitcoin in 2021, maintaining a cash and investment position of $85 million.

Greenidge Generation Holdings (NASDAQ: GREE) announced a $264 million investment to establish a new cryptocurrency datacenter in Spartanburg County, South Carolina. This project aims to create 40 tech-sector jobs and will feature advanced cryptocurrency mining technology with an expected capacity of at least 100 megawatts. The first phase is projected to be operational in the second half of 2022, with expansions planned through 2025.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) reported significant growth in bitcoin production for December 2021, achieving 609 BTC, a 168% increase from the same period in 2020. For the full year, total production reached 1,866 BTC. The company ended the year with approximately 17,300 miners, delivering a hashrate of 1.4 EH/s, up from 6,900 miners and 0.4 EH/s in 2020. Greenidge has an order book of about 31,700 additional miners to be delivered by September 2022, which will increase its capacity to approximately 49,000 miners and a hashrate of 4.7 EH/s.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the appointment of Terence Burke as General Counsel, effective January 7, 2022. Burke brings extensive legal experience from his previous roles at First Solar, FERC, and several power companies. CEO Jeff Kirt emphasized Burke's suitability due to his background in the green energy sector and regulatory oversight. Burke expressed enthusiasm about contributing to Greenidge's growth and noted the company's commitment to carbon-neutral bitcoin mining. Greenidge operates as a vertically integrated bitcoin mining and power generation firm.