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Greenidge Generation Holdings Reports Third Quarter 2024 Financial and Operating Results

Barbara Streisand

Nov 08, 2024 am 10:24 AM

Third Quarter 2024Greenidge Generation Financial Results Operating Results

DRESDEN, N.Y.–(BUSINESS WIRE)–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.

Greenidge Generation Holdings Reports Third Quarter 2024 Financial and Operating Results

Greenidge Generation Holdings Inc. (Nasdaq: GREE), 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:

Year to Date 2024 Financial Results:

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.

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