Exceeds or Meets High End of Range for All
Figures Reported in Preliminary Results
Provides Update on Fleet Upgrade and Continued
SG&A Expense Reduction
Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge”
or the “Company”), a vertically integrated cryptocurrency
datacenter and power generation company, today announced financial
and operating results for the third quarter of 2024.
Third Quarter 2024 Financial
Results:
- Total revenue of $12.4 million;
- Net loss from continuing operations of $6.3 million;
- EBITDA loss of $1.2 million;
- Adjusted EBITDA loss of $0.1 million;
- Cryptocurrency mining revenue of $3.3 million;
- Datacenter hosting revenue of $6.5 million;
- Power and capacity revenue of $2.6 million; and
- Total bitcoin production of 166 BTC.
Year to Date 2024 Financial
Results:
- Total revenue of $44.7 million;
- Net loss from continuing operations of $15.9 million;
- EBITDA loss of $0.6 million;
- Adjusted EBITDA gain of $2.4 million;
- Cryptocurrency mining revenue of $15.0 million;
- Datacenter hosting revenue of $22.2 million;
- Power and capacity revenue of $7.1 million; and
- Total bitcoin production of 793 BTC.
Financial and operating results for the third quarter of 2024
results reflect a $0.2 million improvement in net loss from
continuing operations, EBITDA loss from continuing operations,
Adjusted EBITDA loss from continuing operations and selling,
general and administrative expenses (“SG&A”) when compared to
the high end of the ranges reported in Greenidge’s preliminary
results for the third quarter of 2024, with all other metrics
achieving at the high end of their respective ranges preliminarily
reported. Greenidge ended the third quarter of 2024 with
approximately $11.4 million of cash and digital assets, including
60.7 bitcoin and approximately $69.5 million of debt net of
deferred costs.
SG&A Update:
Total SG&A expenses through the first three quarters of 2024
were $13.4 million versus $22.7 million through the first three
quarters of 2023, a significant savings of $9.3 million, which
exceeds the Company’s stated $7 million goal at the beginning of
the year by approximately 33%.
Fleet Upgrade Update:
As previously announced, Greenidge anticipates continuing to
gradually upgrade its miner fleet with newer generation miners, in
addition to securing additional sites for future development and
potentially monetizing certain assets. Through the receipt of 1,000
upgraded miners, almost all of which have been deployed as of
November 7, 2024, Greenidge’s miner fleet efficiency is expected to
improve in the fourth quarter compared to 27.1 J/TH reported as of
September 30, 2024 and 28.7 J/TH reported as of June 30, 2024.
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 U.S. GAAP. The non-GAAP financial measures
presented by Greenidge may be different from non-GAAP financial
measures presented by other companies. Specifically, Greenidge
believes the non-GAAP information provides useful measures to
investors regarding Greenidge’s financial performance by excluding
certain costs and expenses that Greenidge believes are not
indicative of its core operating results. The presentation of these
non-GAAP financial measures is not meant to be considered in
isolation or as a substitute for results or guidance prepared and
presented in accordance with U.S. GAAP.
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
Nine Months Ended
Amounts denoted in millions
September 30, 2024
September 30, 2024
Net loss from continuing operations
$
6.3
$
15.9
Interest expense, net
1.8
5.4
Income tax (gain)
(0.1
)
(0.1
)
Depreciation
3.4
9.9
EBITDA loss from continuing
operations
(1.2
)
(0.7
)
Stock based compensation
0.4
1.8
Loss on sale of assets
0.7
0.7
Change in fair value of warrant asset,
after tax
—
0.4
Impairment of long-lived assets
—
0.2
Adjusted EBITDA (loss) from continuing
operations
$
(0.1
)
$
2.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107235004/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
Greenidge Generation (NASDAQ:GREE)
Historical Stock Chart
From Nov 2024 to Dec 2024
Greenidge Generation (NASDAQ:GREE)
Historical Stock Chart
From Dec 2023 to Dec 2024
