Welcome to our dedicated page for Greenidge Generation Holdings news (Ticker: GREE), a resource for investors and traders seeking the latest updates and insights on Greenidge Generation Holdings stock.
Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation and cryptocurrency datacenter company whose news flow centers on operations, regulatory developments, capital structure, and asset transactions. Company announcements describe a business that combines power generation with cryptocurrency mining, datacenter hosting, and power and capacity activities, anchored by its Dresden, New York facility.
On this page, readers can review GREE news related to cryptocurrency mining performance, datacenter hosting activity, and power and capacity revenue, as reported in company press releases. Greenidge regularly issues updates on quarterly financial and operating results, including metrics such as total revenue, cryptocurrency mining revenue, datacenter hosting revenue, power and capacity revenue, and bitcoin production, along with non-GAAP measures like EBITDA, Adjusted EBITDA, and Adjusted Free Cash Flow.
Greenidge news also covers significant regulatory milestones, particularly around the company’s Title V Air Permit for the Dresden facility. The company has reported a stipulation of settlement with the New York State Department of Environmental Conservation and a historic agreement on a new five-year permit that includes greenhouse gas emissions limits and confirms the facility’s ability to continue supplying power to the local grid while operating as a cryptocurrency datacenter.
Another recurring theme in GREE updates is capital structure and debt management, including tender and exchange offers for its 8.50% Senior Notes due 2026 and the issuance of 10.00% Senior Notes due 2030. Press releases detail the terms, early results, and final results of these offers. In addition, Greenidge issues news about asset sales and development, such as the sale of its Mississippi bitcoin mining facility and the sale of its Spartanburg, South Carolina property and associated electrical capacity rights, as well as commentary on expansion properties and power contracts.
Investors and observers who follow GREE news can use this page to monitor company-reported developments affecting its power generation operations, cryptocurrency mining and hosting activities, regulatory agreements, and senior notes. Bookmark this feed to access a consolidated view of Greenidge’s official announcements and updates over time.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) will release its second quarter financial results for 2022 on August 15, 2022, after market close. A management presentation is scheduled for the same day at 5 p.m. Eastern time, where the management team will discuss the results and provide a business update. The earnings will be available on Greenidge's Investor Relations website.
Greenidge is focused on carbon-neutral datacenter operations using low-carbon energy sources.
June 2022 Operational Update
Greenidge Generation Holdings Inc. (NASDAQ: GREE) reported producing approximately 230 bitcoin in June 2022, totaling 1,183 bitcoin for the first half of the year. The company's hashrate capacity stood at about 2.5 EH/s from around 27,500 miners, with an additional 200 miners in transit. Notably, 24% of this capacity is located at their Spartanburg, SC facility, operational since December 2021. Greenidge is focused on achieving 100% carbon-neutral datacenter operations.
Greenidge Generation Holdings (NASDAQ: GREE) announced that its operations in Dresden, New York, will continue uninterrupted despite the New York State Department of Environmental Conservation's denial of its Title V Air Permit renewal application. The company emphasizes that it has made significant proposals to reduce GHG emissions, including a 40% reduction by 2025 and achieving zero-carbon emissions by 2035. Greenidge argues that its facility accounts for only 0.2% of New York's targeted GHG emissions and operates in compliance with existing permits.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the appointment of Thomas A. Champion as Vice President of Investor Relations and Business Development on June 21, 2022. Champion brings extensive experience in engaging with institutional investors, having previously worked with prominent broker-dealers such as RBS, Citi, UBS, and Chase. His role aims to enhance market education regarding Greenidge's opportunities. The company focuses on carbon-neutral bitcoin mining, utilizing low-carbon energy sources.
May 2022 Operational Update
Greenidge Generation Holdings Inc. (NASDAQ: GREE) reported operational results for May 2022, producing approximately 195 bitcoin. As of May 31, 2022, the company had mining capacity of about 1.7 EH/s, supported by around 20,400 miners. Notably, 25% of this capacity is based in Spartanburg, SC, which began operations in December 2021. Greenidge aims for 100% carbon-neutral datacenter operations by utilizing low-carbon energy sources.
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.