Greenidge Generation Reports Q1 Losses Despite Surge in Power Revenue and Bitcoin Prices

Company Overview
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company. It operates facilities in New York, Mississippi, and North Dakota, generating revenue from datacenter hosting, cryptocurrency mining, and power sales.

Recent Developments
Highlights for the quarter ended March 31, 2025 include:

• Net loss of $5.6 million, compared to $3.9 million in Q1 2024, marking a 41% increase in losses.
• Revenue decreased slightly to $19.2 million from $19.3 million in Q1 2024, primarily due to reductions in datacenter hosting and cryptocurrency mining revenue.
• Power and capacity revenue surged by 203% to $9.2 million, reflecting favorable market conditions.
• Cost of revenue increased by 22%, mainly driven by higher natural gas costs and emissions-related expenses.
• The average bitcoin price saw a remarkable 76% increase, impacting overall revenue positively despite lower mining output.

Income Statement Highlights

• Total Revenue: $19,242K (Q1 2025) vs. $19,333K (Q1 2024)
• Operating Loss: $2,389K (Q1 2025) vs. $1,722K (Q1 2024)
• Net Loss: $5,564K (Q1 2025) vs. $3,944K (Q1 2024)
• EBITDA: $412K (Q1 2025) vs. $1,092K (Q1 2024)
• Adjusted EBITDA: $1,041K (Q1 2025) vs. $2,751K (Q1 2024)

Positive Aspects:
- Strong growth in power and capacity revenue indicates favorable market conditions and demand for energy. - Significant increase in average bitcoin price supports revenue metrics despite mining challenges.

Negative Aspects:
- Decrease in datacenter hosting revenue by 36% and cryptocurrency mining revenue by 40% due to increased mining difficulty and decreased productivity. - Total operating costs increased, affecting EBITDA significantly.

Balance Sheet Summary (as of March 31, 2025)
- Total Assets: $56.7 million
- Total Liabilities: $115 million
- Stockholders' Deficit: $(58.2 million)

Cash Flow Summary
- Operating Cash Flow: $(5.7 million)
- Investing Cash Flow: $2 million (primarily from bitcoin sales)
- Financing Activities: $0 (no financing activities during the quarter)

Forward-looking Statements
Greenidge continues to navigate challenges related to bitcoin mining economics and operational costs. The company plans to improve liquidity via asset sales and debt restructuring, though future reliance on debt and equity financing remains critical.