Greenidge Generation Holdings Inc Stock Price, News & Analysis

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.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) will release its third quarter 2021 financial results on November 15, 2021. An earnings press release and Form 10-Q will be filed before market hours, available on the company's website. Greenidge is focused on carbon-neutral bitcoin mining, operating in upstate New York with plans to expand across North America. The press release includes forward-looking statements about business strategy, future performance, and risks associated with financial outcomes.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) has been chosen as a launch customer for Bitmain's new ANTMINER S19 XP, which operates with 27% less electricity per terahash than current models. This partnership emphasizes Greenidge's commitment to carbon-neutral bitcoin mining, with plans to deploy these miners at a facility in South Carolina or Texas by Q3 2022. The order increases Greenidge's mining capacity to approximately 49,000 miners and 4.7 EH/s by the end of 2022, showcasing their focus on enhancing mining efficiency.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced significant expansion plans beyond New York. The company increased its order with Bitmain to 22,500 mining units, aiming for a total capacity of 4.1 EH/s and 130 MW by 2022. Exclusive agreements for 3,000 MW of development potential in Texas and South Carolina were established, including a $15 million purchase for a 175-acre site in South Carolina. These initiatives are supported by $55.2 million raised from senior notes. Greenidge emphasizes its commitment to 100% carbon-neutral bitcoin mining across its expanding operations.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced that underwriters will exercise their option to purchase an additional $5.2 million of senior unsecured notes due 2026. This will increase the total offering size to $55.2 million, expected to close today. The notes are offered through Greenidge's registration statements with the SEC, which were declared effective on October 8, 2021. Greenidge focuses on carbon-neutral bitcoin mining and aims to expand operations in South Carolina with a majority of electricity from zero-carbon sources.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced an increase in its public offering of 8.50% Senior Notes due 2026 from $40 million to $50 million, with net proceeds expected to be around $48.25 million. The funds will support general corporate needs, including capital expenditures and debt repayment. The Offering is set to close on October 13, 2021, and the Notes will be listed on Nasdaq under the symbol 'GREEL' starting October 14, 2021. The notes are rated B by Egan-Jones Ratings Company.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced plans to offer $40 million in senior unsecured notes due 2026 in a registered public offering. The funds will be utilized for general corporate purposes, including capital expenditures and debt repayment. The notes will be rated B by Egan-Jones and issued in minimum denominations of $25.00. An application for listing the notes on Nasdaq under the symbol GREEL has been submitted, with trading expected to commence within 30 days post-issuance.

Greenidge Generation Holdings (NASDAQ: GREE) reported preliminary results for Q3 2021, projecting revenues between $33 million and $37 million, with a net loss estimated at $(19) million to $(16) million. The expected loss includes approximately $30 million in charges due to the merger with Support.com. The company mined 729 bitcoins during the quarter and had about 15,300 miners active, achieving 1.2 EH/s capacity. Greenidge finished the quarter with $52 million in cash and cryptocurrency holdings.