IntrinsicIntrinsic
← All summaries

Greenidge Generation Holdings Inc.

GREE
Financials & Chart →

Business Summary

Greenidge Generation Holdings Inc. operates as a developer and operator of datacenters and powered assets, primarily focused on bitcoin mining, with a growing emphasis on supporting artificial intelligence (AI) and high-performance computing (HPC) workloads. The company's core business model revolves around three revenue streams: datacenter hosting, cryptocurrency self-mining, and power and capacity sales. It owns and operates a vertically integrated cryptocurrency datacenter and power generation facility in Torrey, New York, with approximately 106 megawatts (MW) of nameplate capacity. Additionally, Greenidge owns a 34-acre greenfield site in Columbus, Mississippi, projected to provide access to 40 MW of datacenter capacity by the first quarter of 2027, and leases 7.5 MW of datacenter capacity in North Dakota for its cryptocurrency mining operations.

The company's product and service lines are distinct. Datacenter hosting involves providing power and technical support services to third-party owned bitcoin mining equipment, primarily under the NYDIG Hosting Agreement. This agreement requires NYDIG affiliates to pay a reimbursement fee for power and direct management costs, a hosting fee, and a gross profit-sharing arrangement. For the year ended December 31, 2025, datacenter hosting generated $21.488 million in revenue, a decrease of 28% from $29.838 million in 2024. Cryptocurrency mining involves earning bitcoin as rewards and transaction fees by supporting the global bitcoin network with company-owned application-specific integrated circuit computers (ASICs). For 2025, cryptocurrency mining revenue was $15.222 million , a 20% decrease from $19.061 million in 2024. The company's datacenter operations consist of approximately 23,900 miners with a combined capacity of approximately 2.7 EH/s , of which 17,000 miners (1.7 EH/s ) are for hosting and 6,900 miners (1 EH/s ) are for self-mining. Power and capacity sales are generated from the 106 MW power generation facility in Torrey, New York, which sells electricity, capacity, and ancillary services to the New York Independent Systems Operator (NYISO). This segment saw a significant increase, with revenue rising by $11.4 million , or 108% , to $22.067 million in 2025 from $10.634 million in 2024.

For the fiscal year ended December 31, 2025, Greenidge reported total revenue of $58.777 million , a slight decrease from $59.533 million in 2024. Cost of revenue (exclusive of depreciation) increased by $8.659 million , or 21% , to $49.767 million . Gross profit for the segment was $9.010 million in 2025, down from $18.425 million in 2024. Operating loss improved to $3.795 million in 2025 from $11.449 million in 2024. The company achieved a net income of $5.286 million in 2025, a significant improvement from a net loss of $19.785 million in 2024. Diluted EPS was $0.34 in 2025, compared to $(1.88) in 2024. Cash and cash equivalents stood at $19.572 million as of December 31, 2025, up from $8.619 million in 2024. Digital assets held were $6.477 million . Total debt, including the 8.50% Senior Notes due 2026 and 10.00% Senior Notes due 2030, was $38.944 million as of December 31, 2025, a decrease from $68.541 million in 2024. Net debt was $12.895 million in 2025, a 76% reduction from $52.972 million in 2024.

Year-over-year, revenue from cryptocurrency mining decreased by 20% , and datacenter hosting revenue decreased by 28% . In contrast, power and capacity revenue increased significantly by 108% . The cost of mining one bitcoin increased to $74,787 in 2025 from $39,094 in 2024, while the value of each bitcoin mined increased to $101,480 from $61,686 . The cost to mine one bitcoin as a percentage of its value increased to 73.7% in 2025 from 63.4% in 2024. Total bitcoins produced decreased by 61% to 371 in 2025 from 941 in 2024. Selling, general and administrative expenses decreased by $4.8 million , or 28% , to $12.498 million in 2025. The company recognized a gain on the sale of assets of $11.5 million in 2025, primarily from the sale of its South Carolina property and Mississippi plant assets, compared to a $0.6 million loss in 2024.

Significant operational developments during the period include the sale of a 152-acre property in Spartanburg, South Carolina, and associated 60 MW electrical service rights for $18.0 million in cash at closing, with potential for up to $18.0 million in additional contingent payments. A gain of $10.5 million was recognized on this sale. The company also sold certain assets of its Mississippi Facility for $3.9 million in cash, plus an additional $0.3 million for miners, recognizing a gain of $1.4 million on this sale. Debt restructuring efforts included issuing 1,934,889 shares of Class A common stock and paying $2.9 million in cash to exchange $14.5 million aggregate principal amount of Senior Notes. Public tender/exchange offers repurchased $15.0 million in Senior Notes for $5.7 million cash and exchanged $5.0 million in Senior Notes for $2.3 million in New Notes. Open market repurchases of Senior Notes totaled $1.1 million principal amount for $0.7 million cash, resulting in a $0.4 million gain on extinguishment of debt. An Equity Interest Payment Agreement was entered into with Atlas Holdings LLC, the controlling shareholder, for continued credit support, involving quarterly payments in Class A common stock at an 8.5% per annum rate.

Business Outlook

Greenidge views its growth opportunities as primarily centered on the development of its owned properties to support AI and HPC datacenters, while selectively expanding its bitcoin hosting and self-mining operations. The company also plans to acquire properties with low-cost power and scalable power infrastructure, monetize owned properties through sale or lease for AI and HPC datacenter construction, and offer infrastructure services and development for AI and HPC datacenters. Additionally, it aims to provide Engineering, Procurement and Construction Management (EPCM) services for digital infrastructure projects and selectively acquire and deploy high-efficiency bitcoin mining rigs. The company is actively pursuing the conversion of existing assets, including the New York Facility, and the acquisition of additional properties with access to low-cost power and appropriate scale to support AI and HPC workloads. Management believes its existing infrastructure and operational expertise may help reduce the cost and development timeline for new datacenter capacity.

The company's cash flow projections indicate sufficient liquidity to meet cash requirements through the third quarter of 2026, but not enough to satisfy debt payments due in October 2026, specifically the remaining $36.7 million aggregate principal amount of the Senior Notes. To address these obligations, Greenidge is considering various alternatives, including the retirement or repurchase of outstanding debt through cash purchases and/or exchanges for equity or other debt securities. It is also exploring issuances of new debt and/or equity to refinance, repay, or otherwise satisfy the existing Senior Notes.

Operationally, the company's ability to achieve projected cash flows is highly dependent on bitcoin mining economics, measured by hashprice, and its ability to obtain and comply with required permits and licenses, including the Title V Air Permit for its New York facility. The company has entered into a Stipulation of Settlement with NYSDEC regarding the renewal of this permit, which is expected to be issued in 2026 and will be subject to public notice and comment and EPA review. Greenidge also plans to use a two-year extension, until October 10, 2027 , to perform further economic and viability analysis for beneficial use of coal combustion residuals (CCR) at its onsite surface impoundment, which could materially change estimates and assumptions for environmental liabilities.

Planned capital allocation includes continued investment in its existing infrastructure and potential acquisitions. The company's contractual obligations as of December 31, 2025, include debt payments of $43.086 million , leases of $136 thousand , self-mining capacity obligations of $12.488 million , environmental obligations of $31.032 million , and natural gas transportation payments of $9.006 million . For 2026, debt payments are projected to be $40.008 million , leases $38 thousand , self-mining capacity obligations $3.843 million , and natural gas transportation $1.896 million .

Management explicitly flagged structural headwinds and execution risks, including the highly competitive and rapidly evolving AI and HPC markets, which require significant capital investment and may divert resources from existing bitcoin mining operations. The company's expansion into AI and HPC datacenter development would expose it to supply, pricing, performance, and export-control risks associated with specialized hardware, networking, and software ecosystems. Geopolitical instability, including conflicts in the Middle East, and related impacts on global energy markets, supply chains, critical infrastructure, and cybersecurity risks, are also identified as potential constraints. The company also noted that changes in tariffs or import restrictions could materially increase operating or capital costs, disrupt supply chains, and delay the deployment of new equipment, particularly for specialized ASIC mining equipment manufactured outside the United States.

Risk Factors

Greenidge faces substantial macroeconomic, competitive, regulatory, geopolitical, and operational risks. A primary concern is the substantial doubt about its ability to continue as a going concern, as current projected operating cash flows are insufficient to meet short-term debt obligations, including the $36.7 million aggregate principal amount of Senior Notes due in October 2026. The company is exposed to significant customer concentration risk, being substantially dependent on its sole hosting services customer, NYDIG, for a majority of its revenue, which accounted for 37% of total revenue in 2025. Any nonperformance by this customer could materially impact liquidity and operations. The business is highly vulnerable to the volatile price of bitcoin, network difficulty, and halving events, which directly impact cryptocurrency mining revenue and profitability. The most recent halving in April 2024 reduced the mining reward from 6.25 bitcoin to 3.125 bitcoin . Operational risks include reliance on a single natural gas power generation facility in Torrey, New York, with a nameplate capacity of approximately 106 MW , making it susceptible to disruptions from equipment failures, outages, or fuel supply issues. The facility also contains legacy equipment, such as a steam turbine originally installed in 1953 , increasing the risk of mechanical failure. Environmental liabilities are material, including a coal combustion residual (CCR) liability of $17.3 million and a landfill environmental liability of $13.7 million as of December 31, 2025, with potential for additional costs from evolving regulations. Cybersecurity threats, including phishing and ransomware attacks, pose risks to information technology systems and infrastructure, with the company having experienced a fraudulent scheme in October 2025 . Regulatory changes, particularly concerning cryptocurrency classification (e.g., the CLARITY Act), energy market design, and climate-related policies, could impose significant compliance costs or operational restrictions. The company also faces competition from other large public and private bitcoin mining companies and, increasingly, from traditional datacenter operators and hyperscale cloud providers in the AI and HPC markets, some of whom have greater resources.

Management Priorities

Management's message to shareholders emphasizes a strategic pivot towards leveraging its power generation assets and datacenter development expertise to support AI and HPC workloads, while selectively continuing bitcoin hosting and self-mining. This shift is driven by the belief that AI and HPC represent a significant long-term growth opportunity, where the company's existing infrastructure and operational expertise can reduce development timelines and costs. Management acknowledges the substantial doubt about the company's ability to continue as a going concern due to insufficient projected operating cash flows to meet the $36.7 million Senior Notes maturity in October 2026. Strategic priorities include actively pursuing the conversion of existing assets, such as the New York Facility, for AI and HPC, acquiring additional properties with low-cost power, and monetizing owned properties through sales or leases for datacenter construction. The company is also focused on debt restructuring efforts, including the ongoing Exchange Offer commenced on March 11, 2026 , to exchange up to $36.7 million in Senior Notes for New Notes and Class A common stock, which is scheduled to expire on April 8, 2026 . Management also highlights efforts to improve liquidity through asset sales, such as the South Carolina property for $18.0 million cash and potential additional contingent payments, and the Mississippi facility for $4.2 million cash.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Overview
  2. [2] Item 1, Business — Overview
  3. [3] Item 1, Business — Overview
  4. [4] Item 1, Business — Overview
  5. [5] Item 1, Business — Overview
  6. [6] Item 1, Business — Overview
  7. [7] Item 7, MD&A — Key Metrics
  8. [8] Item 7, MD&A — Key Metrics
  9. [9] Item 7, MD&A — Key Metrics
  10. [10] Item 7, MD&A — Key Metrics
  11. [11] Item 7, MD&A — Key Metrics
  12. [12] Item 7, MD&A — Key Metrics
  13. [13] Item 7, MD&A — Overview
  14. [14] Item 7, MD&A — Overview
  15. [15] Item 7, MD&A — Overview
  16. [16] Item 7, MD&A — Overview
  17. [17] Item 7, MD&A — Overview
  18. [18] Item 7, MD&A — Overview
  19. [19] Item 1, Business — Products and Services
  20. [20] Item 7, MD&A — Key Metrics
  21. [21] Item 7, MD&A — Key Metrics
  22. [22] Item 7, MD&A — Key Metrics
  23. [23] Item 7, MD&A — Key Metrics
  24. [24] Item 7, MD&A — Results from Operations
  25. [25] Item 7, MD&A — Results from Operations
  26. [26] Item 7, MD&A — Cost of revenue
  27. [27] Item 7, MD&A — Cost of revenue
  28. [28] Item 7, MD&A — Cost of revenue
  29. [29] Item 16, Segment Reporting
  30. [30] Item 16, Segment Reporting
  31. [31] Item 7, MD&A — Results from Operations
  32. [32] Item 7, MD&A — Results from Operations
  33. [33] Item 7, MD&A — Results from Operations
  34. [34] Item 7, MD&A — Results from Operations
  35. [35] Item 7, MD&A — Results from Operations
  36. [36] Item 7, MD&A — Results from Operations
  37. [37] Item 7, MD&A — Liquidity and Capital Resources
  38. [38] Item 7, MD&A — Liquidity and Capital Resources
  39. [39] Item 7, MD&A — Liquidity and Capital Resources
  40. [40] Item 7, MD&A — Net Debt
  41. [41] Item 7, MD&A — Net Debt
  42. [42] Item 7, MD&A — Net Debt
  43. [43] Item 7, MD&A — Net Debt
  44. [44] Item 7, MD&A — Net Debt
  45. [45] Item 7, MD&A — Cost of Mining - Analysis of Costs to Mine One Bitcoin
  46. [46] Item 7, MD&A — Cost of Mining - Analysis of Costs to Mine One Bitcoin
  47. [47] Item 7, MD&A — Cost of Mining - Analysis of Costs to Mine One Bitcoin
  48. [48] Item 7, MD&A — Cost of Mining - Analysis of Costs to Mine One Bitcoin
  49. [49] Item 7, MD&A — Cost of Mining - Analysis of Costs to Mine One Bitcoin
  50. [50] Item 7, MD&A — Cost of Mining - Analysis of Costs to Mine One Bitcoin
  51. [51] Item 7, MD&A — Key Metrics
  52. [52] Item 7, MD&A — Key Metrics
  53. [53] Item 7, MD&A — Key Metrics
  54. [54] Item 7, MD&A — Selling, general and administrative expenses
  55. [55] Item 7, MD&A — Selling, general and administrative expenses
  56. [56] Item 7, MD&A — Selling, general and administrative expenses
  57. [57] Item 7, MD&A — Loss (gain) on sale of assets
  58. [58] Item 7, MD&A — Loss (gain) on sale of assets
  59. [59] Item 7, MD&A — Liquidity and Capital Resources
  60. [60] Item 7, MD&A — Liquidity and Capital Resources
  61. [61] Item 7, MD&A — Liquidity and Capital Resources
  62. [62] Item 7, MD&A — Liquidity and Capital Resources
  63. [63] Item 7, MD&A — Liquidity and Capital Resources
  64. [64] Item 1, Business — Recent Developments
  65. [65] Item 4, Property and Equipment, Net
  66. [66] Item 7, MD&A — Liquidity and Capital Resources
  67. [67] Item 7, MD&A — Liquidity and Capital Resources
  68. [68] Item 7, MD&A — Liquidity and Capital Resources
  69. [69] Item 7, MD&A — Liquidity and Capital Resources
  70. [70] Item 7, MD&A — Liquidity and Capital Resources
  71. [71] Item 7, MD&A — Liquidity and Capital Resources
  72. [72] Item 7, MD&A — Liquidity and Capital Resources
  73. [73] Item 7, MD&A — Liquidity and Capital Resources
  74. [74] Item 7, MD&A — Liquidity and Capital Resources
  75. [75] Item 7, MD&A — Liquidity and Capital Resources
  76. [76] Item 1, Business — Recent Developments
  77. [77] Item 7, MD&A — Liquidity and Capital Resources
  78. [78] Item 10, Commitments and Contingencies — Environmental Liabilities
  79. [79] Item 7, MD&A — Contractual Obligations and Commitments
  80. [80] Item 7, MD&A — Contractual Obligations and Commitments
  81. [81] Item 7, MD&A — Contractual Obligations and Commitments
  82. [82] Item 7, MD&A — Contractual Obligations and Commitments
  83. [83] Item 7, MD&A — Contractual Obligations and Commitments
  84. [84] Item 7, MD&A — Contractual Obligations and Commitments
  85. [85] Item 7, MD&A — Contractual Obligations and Commitments
  86. [86] Item 7, MD&A — Contractual Obligations and Commitments
  87. [87] Item 7, MD&A — Contractual Obligations and Commitments
  88. [88] Item 1A, Risk Factors — General Risks
  89. [89] Item 12, Concentrations
  90. [90] Item 1, Business — Bitcoin Halving
  91. [91] Item 1, Business — Overview
  92. [92] Item 1A, Risk Factors — Risks Related to our Datacenter and Power Generation Operations
  93. [93] Item 1A, Risk Factors — Risks Related to Our Business Generally
  94. [94] Item 1A, Risk Factors — Risks Related to Our Business Generally
  95. [95] Item 1A, Risk Factors — Risks Related to Our Business Generally
  96. [96] Item 1A, Risk Factors — General Risks
  97. [97] Item 1, Business — Recent Developments
  98. [98] Item 1, Business — Recent Developments
  99. [99] Item 1, Business — Recent Developments
  100. [100] Item 1, Business — Recent Developments
  101. [101] Item 1, Business — Recent Developments

Analysis on 5/21/2026