Greenidge Generation (GREE) Reports Prelim Q4 Results

Greenidge Generation Holdings Inc. (NASDAQ: GREE) today announced favorable preliminary financial and operating results for the fourth quarter of 2023.

Preliminary Fourth Quarter 2023 Financial Results1:

• Revenue of approximately $19.7 million;
• Net income from continuing operations of approximately $1.4 million to $2.4 million;
• Adjusted EBITDA of approximately $1.6 to approximately $2.6 million;
• Earnings per share of $0.18 to $0.322;
• Cryptocurrency datacenter self-mining revenue of $7.3 million;
• Cryptocurrency datacenter hosting revenue of $10.7 million; and
• Power and capacity revenue of $1.7 million;

Fourth Quarter 2023 Highlights:

Our cryptocurrency datacenter operations produced approximately 710 bitcoin during the fourth quarter of 2023, of which 506 bitcoin were produced for colocation and 203 bitcoin were produced for self-mining. The average closing price of Bitcoin during the fourth quarter of 2023 was $36,276.79.

As of December 31, 2023, Greenidge datacenter operations consisted of approximately 29,700 miners with approximately 3.1 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 19,000 miners, or 1.9 EH/s, is associated with datacenter hosting and 10,700 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.

Greenidge ended the quarter with approximately $13.6 million of cash and approximately $68.7 million of debt. In aggregate, Greenidge reduced its debt by $85.3 million in 2023, representing over 54% of its total debt.

Greenidge CEO Jordan Kovler commented: “We had a strong year on many fronts, including significantly reducing our debt load and making the necessary changes to alter the trajectory of the business, culminating in our first profitable quarter in two years. We continue to work diligently on paths to increasing profitable revenue and reducing debt. While there is more to come, I want to thank our team for the hard work that led to us delivering at least $0.18 in earnings per share and $1.4 million in net income in the fourth quarter, with a lower average Bitcoin price than we see today. We remain relentlessly focused on expanding our reach into low-cost power centers, our growing EPCM business, AI infrastructure/data centers and innovative approaches to embrace increased interest in bitcoin. I am confident that Greenidge’s approach and resources differentiate us from our competitors and positions us well for future growth.”

The preliminary financial information presented in this press release is based on Greenidge’s current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures. Management plans to discuss Greenidge’s complete fourth quarter and full-year 2023 financial results after the market closes on March 27, 2024.

Preliminary Financial and Operating Results

The preliminary financial and operating results set forth above for the three months ended December 31, 2023, reflect preliminary estimates with respect to such results based solely on currently available information, which is subject to change. Readers are cautioned not to place undue reliance on such preliminary results which are unaudited and constitute forward-looking statements. Greenidge has not completed its standard closing process, including the completion of all of its controls procedures, which could identify adjustments causing the actual results to be different from the expectations presented in this release. These estimates should not be viewed as a substitute for Greenidge's full quarterly financial statements for the three months ended December 31, 2023, which will be prepared in accordance with U.S. GAAP.

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