Greenidge Generation Holdings Inc Stock Price, News & Analysis

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.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the completion of its purchase of a former industrial site in Spartanburg, SC, in early December. The company has begun small-scale cryptocurrency mining operations at this site, utilizing temporary space within an existing structure on a 175-acre property with over 750,000 square feet of industrial buildings. Greenidge is focused on achieving 100% carbon-neutral bitcoin mining by leveraging low-carbon energy sources and plans to expand its operations across North America.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced that its existing Title V air permit remains active and unaffected amid misinformation circulating online. The New York State Department of Environmental Conservation (NYSDEC) completed the renewal application on September 1, 2021, and the public comment period ended on November 19, 2021. Currently, NYSDEC is reviewing public comments, with no stipulated deadline for their decision. Greenidge emphasizes its commitment to working with NYSDEC for a robust permit renewal.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) has published an updated corporate presentation along with a webcast link, available in the Investor Relations section of its website. The company is focused on vertically integrated bitcoin mining and power generation, aiming for 100% carbon-neutral bitcoin mining through low-carbon energy sources and carbon offsetting. Currently, Greenidge operates one facility in New York and plans to expand to multiple locations across North America.

Greenidge reported a significant financial performance for Q3 2021, with total revenue of $35.8 million, a 484% increase year-over-year, boosted by cryptocurrency mining revenue of $31.2 million, up 924% year-over-year. However, the company posted a net loss of $7.9 million, compared to a loss of $0.3 million last year. The adjusted EBITDA soared to $21.2 million, marking a 59.2% margin. Cash holdings rose to approximately $105 million. Greenidge is expanding its mining operation, committing to 49,000 miners with a capacity of 4.7 EH/s to further enhance growth.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the appointment of Robert Loughran as Chief Financial Officer effective January 1, 2022. Loughran, who joined as Chief Accounting Officer in June 2021, replaces Timothy Rainey, who will stay on as Treasurer. With over 30 years in finance, Loughran's experience includes roles at Tronox and Avon. CEO Jeff Kirt praised Loughran's leadership as critical for executing Greenidge's growth and profitability strategy. Greenidge aims to maintain its position as a leader in carbon-neutral bitcoin mining.