- Greenidge Generation Holdings Inc. (GREE, Financial) reports first quarter 2025 revenue of $19.2 million with a net operational loss of $5.6 million.
- The company reduced its debt by 16.6%, concluding the quarter with $60.2 million in debt.
- Greenidge announced board changes and expansion plans with a 37-acre purchase in Mississippi.
Greenidge Generation Holdings Inc. (GREE), a cryptocurrency datacenter and power generation company, revealed its financial and operational performance for the first quarter ending March 31, 2025. The company reported a total revenue of $19.2 million, while experiencing a net operational loss of $5.6 million. EBITDA was reported at $0.4 million, and adjusted EBITDA reached $1.0 million.
The company disclosed cryptocurrency mining revenue of $4.2 million, datacenter hosting revenue of $5.8 million, and power and capacity revenue of $9.2 million with a total bitcoin production of 112 BTC. Greenidge has made strategic moves by reducing its debt to $60.2 million, a 16.6% reduction from the original amount of $72.2 million through privately negotiated exchanges.
In recent developments, Greenidge has refreshed its board by appointing Kenneth Fearn and Christopher Krug as independent directors, enhancing expertise in capital markets and strategic transactions. Notably, no equity sales occurred under the company’s equity line of credit during the first quarter, and there are no current plans to use it for share sales below $2.73 per share.
Greenidge has made significant strides towards enhancing efficiency, achieving a fleet miner efficiency of 23.8 J/TH due to strategic acquisitions. Expansion efforts are underway with an agreement to acquire a 37-acre site in Mississippi, providing access to 40 MW of additional low-cost power by July 2026, alongside adding 2.5MW of mining capacity at its existing Mississippi site. The sale of the company’s South Carolina property is also progressing.
CEO Jordan Kovler expressed optimism about the company's trajectory, emphasizing disciplined execution and prudent financial management that have advanced the company's turnaround. He noted that Greenidge is strategically positioned to seize opportunities amidst increasing demand for Bitcoin, with active operations of 119MW in New York, Mississippi, and North Dakota.
