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Greenidge Generation Holdings Inc.

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Business Summary

Greenidge Generation Holdings Inc. operates as a developer and operator of datacenters and powered assets, primarily focused on bitcoin mining, with an increasing strategic emphasis on artificial intelligence (AI) and high-performance computing (HPC) workloads. The company's core business model revolves around generating revenue from three main sources: datacenter hosting, cryptocurrency self-mining, and power and capacity sales. It leverages its vertically integrated power generation and datacenter infrastructure, notably a natural gas power plant with approximately 106 megawatts (MW) of nameplate capacity at its Torrey, New York facility. The company also 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 cryptocurrency mining.

The company's product and service lines are clearly delineated. 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. Cryptocurrency mining generates revenue in bitcoin by earning rewards and transaction fees for supporting the global bitcoin network using the company's owned or leased application-specific integrated circuit computers (ASICs). As of December 31, 2025, Greenidge's datacenter operations comprised approximately 23,900 miners with a combined capacity of approximately 2.7 EH/s , of which 17,000 miners (1.7 EH/s ) were for datacenter hosting and 6,900 miners (1 EH/s ) for self-mining. Power and capacity sales involve selling electricity, capacity, and ancillary services to the New York Independent Systems Operator (NYISO) from its 106 MW power generation facility. This "behind-the-meter" power supply for its New York datacenter operations reduces reliance on third-party power purchase agreements.

For the fiscal year ended December 31, 2025, Greenidge reported total revenue of $58.777 million , a slight decrease from $59.533 million in the prior year. Cost of revenue (exclusive of depreciation) increased by $8.659 million , or 21% , to $49.767 million . Depreciation expense was $11.810 million , down from $13.471 million in 2024. Selling, general and administrative expenses decreased by $4.796 million , or 28% , to $12.498 million . The company recognized a loss on digital assets of $21 thousand in 2025, compared to a gain of $2.154 million in 2024. A significant gain on the sale of assets of $11.475 million was recorded in 2025, primarily from the sale of its South Carolina property. Operating loss improved to $3.795 million in 2025 from $11.449 million in 2024. Net income for 2025 was $5.286 million , a substantial improvement from a net loss of $19.785 million in 2024. Basic and diluted EPS were $0.35 and $0.34 , respectively, in 2025, compared to $(1.88) for both in 2024. Cash and cash equivalents stood at $19.572 million and digital assets at $6.477 million as of December 31, 2025. Total debt was $38.944 million , and net debt was $12.895 million .

Year-over-year, cryptocurrency mining revenue decreased by $3.839 million , or 20% , to $15.222 million , primarily due to a 47% increase in network difficulty and the April 2024 bitcoin halving, partially offset by a 54% increase in average bitcoin price and a 4% increase in average hashrate from company-owned miners. Datacenter hosting revenue declined by $8.350 million , or 28% , to $21.488 million , driven by increased difficulty and a 25% decrease in hosting MWhs. Conversely, power and capacity revenue significantly increased by $11.433 million , or 108% , to $22.067 million , attributed to higher sales volume (36% increase) and average prices (72% increase). The business mix shifted, with power and capacity revenue increasing its share of total revenue from 18% to 37% , while datacenter hosting decreased from 50% to 37% .

Significant operational developments during 2025 included the sale of the 152-acre South Carolina property for $18.0 million in cash at closing, with potential for up to $18.0 million in additional contingent payments, resulting in a $10.5 million gain. The Mississippi Facility assets were sold for $4.2 million in cash, generating a $1.4 million gain, excluding a retained 5.6-acre tract of land. Debt restructuring efforts involved issuing 1,242,456 shares of Class A common stock and paying $2.9 million in cash for $10.9 million aggregate principal of Senior Notes through privately negotiated exchanges. Public tender/exchange offers repurchased $15.0 million of Senior Notes for $5.7 million cash and exchanged $5.0 million for $2.3 million of new 10.00% Senior Notes due 2030 . Open market repurchases of Senior Notes totaled $1.1 million for $0.7 million cash, yielding a $0.4 million gain on extinguishment. The company also entered into an Equity Interest Payment Agreement with Atlas Holdings LLC, its controlling shareholder, agreeing to pay 8.5% interest per annum, settled by issuing Class A common stock.

Business Outlook

Greenidge views its growth opportunities as primarily centered on the development of its owned properties to support AI and HPC datacenters, alongside selective expansion of its bitcoin hosting and self-mining operations. The company is also focused on acquiring properties with low-cost power and scalable power infrastructure, monetizing owned properties through sale or lease for AI and HPC datacenter construction, and providing infrastructure services and Engineering, Procurement and Construction Management (EPCM) services for digital infrastructure projects. Furthermore, hosting services for bitcoin mining and other energy-intensive computing workloads, and selective acquisition and deployment of high-efficiency bitcoin mining rigs are also part of the growth strategy. The company anticipates that rapid growth in AI and HPC workloads will drive increasing demand for large-scale datacenter infrastructure requiring reliable, high-capacity power resources, and believes its existing infrastructure and operational expertise may reduce development costs and timelines.

The company is actively pursuing the conversion of certain existing assets, including the New York Facility, for AI and HPC workloads, and has secured additional power capacity for future datacenter expansion. While bitcoin hosting and self-mining remain current operations, future development efforts are expected to increasingly focus on AI and HPC datacenter infrastructure. The 34-acre greenfield site in Columbus, Mississippi, is expected to provide access to 40 MW of datacenter capacity by the first quarter of 2027.

Regarding its operational outlook, Greenidge's operating cash flows are highly dependent on bitcoin mining economics, specifically hashprice, which is influenced by bitcoin price, mining difficulty, and energy costs. The company's cash flow projections indicate sufficient liquidity through the third quarter of 2026 but not enough to satisfy debt payments due in October 2026, including the remaining $36.7 million aggregate principal amount of Senior Notes. The company is exploring various alternatives to address these obligations, including debt retirement or repurchase through cash or exchanges for equity/other debt securities, and issuances of new debt and/or equity to refinance existing Senior Notes.

Planned capital allocation includes continued investment in its infrastructure. The company's fleet of miners, as of December 31, 2025, ranged in age from 0.7 to 4.3 years with an average efficiency of 21.1 J/TH , indicating ongoing needs for hardware upgrades to maintain competitiveness. The company also has contractual obligations for natural gas transportation of 15,000 dekatherms per day until September 2030, and a self-mining capacity obligation of 7.5 MW at a cost of $58.50 per MWh under a five-year lease. Environmental obligations for the coal ash pond and landfill total $31.032 million as of December 31, 2025, with $9.311 million due in 2027-2028, $13.425 million in 2029-2030, and $8.296 million thereafter.

The company faces structural headwinds and execution risks, particularly concerning its ability to meet existing short-term and long-term debt obligations, including the October 2026 maturity of its Senior Notes. The ability to obtain necessary financing or successfully execute debt restructuring efforts is crucial. The Title V Air Permit for the New York facility, while subject to a Stipulation, may still face legal challenges from third-party environmental groups, which could adversely affect operations and cash flow generation. The expansion into AI and HPC datacenter development is capital intensive and may divert resources from bitcoin mining, introduce operational complexity, and expose the company to supply, pricing, performance, and export-control risks associated with specialized hardware. Geopolitical instability, including conflicts in the Middle East, may contribute to volatility in global energy markets, disrupt fuel supply, and increase operating costs.

Risk Factors

Greenidge faces substantial risks, including a going concern uncertainty due to insufficient projected operating cash flows to meet short-term debt obligations, particularly the $36.7 million aggregate principal amount of Senior Notes maturing in October 2026. The company is exposed to significant customer concentration risk, being substantially dependent on its sole hosting services customer, NYDIG, which accounted for 37% of total revenue in 2025, and a single natural gas vendor, which accounted for approximately 43% of cost of revenue in 2025. Operational risks are high due to reliance on a single natural gas power generation facility in New York, with any disruption potentially having a material adverse effect. The company also carries material environmental liabilities, including a $17.3 million CCR liability for a coal ash pond and a $13.7 million liability for the Lockwood Hills Landfill as of December 31, 2025, with potential for significant additional compliance costs from evolving environmental laws and climate-related regulations. Fluctuations and volatility in the price of bitcoin, the periodic halving events (most recently in April 2024, reducing rewards from 6.25 to 3.125 bitcoin ), and increasing network difficulty directly impact cryptocurrency mining revenue and profitability. Cybersecurity threats, including phishing and ransomware attacks, pose risks to operations and reputation, as evidenced by a fraudulent scheme in October 2025. Geopolitical instability, such as conflicts in the Middle East, can lead to volatility in global energy markets, supply chain disruptions, and increased operating costs. The company's Class A common stock has been subject to Nasdaq delisting proceedings, and while compliance has been regained, there is no assurance it will be maintained, which could negatively affect liquidity and market price.

Management Priorities

Management's message to shareholders conveys a strategic pivot towards leveraging existing power generation assets and datacenter development expertise to support AI and HPC workloads, which they believe represents a significant long-term growth opportunity. While acknowledging the continued role of bitcoin hosting and self-mining, the emphasis is on evaluating and pursuing opportunities in the rapidly evolving AI and HPC markets. A key strategic priority is addressing the company's debt obligations, particularly the $36.7 million aggregate principal amount of Senior Notes due in October 2026, through various alternatives including debt retirement, repurchases, exchanges for equity or other debt securities, and new debt/equity issuances. Management has concluded there is substantial doubt about the company's ability to continue as a going concern for the next 12 months, as current projected operating cash flows are insufficient to meet these near-term debt obligations. Another strategic priority involves navigating the complex and evolving regulatory landscape for both cryptocurrency and AI/HPC datacenters, including environmental permits like the Title V Air Permit for the New York Facility, which remains subject to potential third-party legal challenges despite a Stipulation of Settlement with NYSDEC. Management also highlights efforts to improve liquidity through asset sales, such as the South Carolina property for $18.0 million in cash and the Mississippi Facility assets for $4.2 million in cash, and debt restructuring activities.

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 — Overview
  8. [8] Item 7, MD&A — Overview
  9. [9] Item 7, MD&A — Overview
  10. [10] Item 7, MD&A — Overview
  11. [11] Item 7, MD&A — Overview
  12. [12] Item 7, MD&A — Overview
  13. [13] Item 1, Business — Power and Capacity Sales
  14. [14] Item 7, MD&A — Results from Operations
  15. [15] Item 7, MD&A — Results from Operations
  16. [16] Item 7, MD&A — Results from Operations
  17. [17] Item 7, MD&A — Results from Operations
  18. [18] Item 7, MD&A — Results from Operations
  19. [19] Item 7, MD&A — Results from Operations
  20. [20] Item 7, MD&A — Results from Operations
  21. [21] Item 7, MD&A — Results from Operations
  22. [22] Item 7, MD&A — Results from Operations
  23. [23] Item 7, MD&A — Results from Operations
  24. [24] Item 7, MD&A — Results from Operations
  25. [25] Item 7, MD&A — Results from Operations
  26. [26] Item 7, MD&A — Results from Operations
  27. [27] Item 7, MD&A — Results from Operations
  28. [28] Item 7, MD&A — Results from Operations
  29. [29] Item 7, MD&A — Results from Operations
  30. [30] Item 7, MD&A — Results from Operations
  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 — Liquidity and Capital Resources
  35. [35] Item 7, MD&A — Liquidity and Capital Resources
  36. [36] Item 7, MD&A — Net Debt
  37. [37] Item 7, MD&A — Net Debt
  38. [38] Item 7, MD&A — Key Metrics
  39. [39] Item 7, MD&A — Key Metrics
  40. [40] Item 7, MD&A — Key Metrics
  41. [41] Item 7, MD&A — Cryptocurrency mining revenue
  42. [42] Item 7, MD&A — Cryptocurrency mining revenue
  43. [43] Item 7, MD&A — Cryptocurrency mining revenue
  44. [44] Item 7, MD&A — Key Metrics
  45. [45] Item 7, MD&A — Key Metrics
  46. [46] Item 7, MD&A — Key Metrics
  47. [47] Item 7, MD&A — Datacenter hosting revenue
  48. [48] Item 7, MD&A — Key Metrics
  49. [49] Item 7, MD&A — Key Metrics
  50. [50] Item 7, MD&A — Key Metrics
  51. [51] Item 7, MD&A — Power and capacity revenue
  52. [52] Item 7, MD&A — Power and capacity revenue
  53. [53] Item 7, MD&A — Key Metrics
  54. [54] Item 7, MD&A — Key Metrics
  55. [55] Item 7, MD&A — Key Metrics
  56. [56] Item 7, MD&A — Key Metrics
  57. [57] Item 1, Business — Recent Developments, South Carolina Land Sale
  58. [58] Item 1, Business — Recent Developments, South Carolina Land Sale
  59. [59] Item 1, Business — Recent Developments, South Carolina Land Sale
  60. [60] Item 1, Business — Recent Developments, Mississippi Facility Transactions
  61. [61] Item 4, Property and Equipment, Net — Mississippi Transactions
  62. [62] Item 1, Business — Recent Developments, Debt Restructuring
  63. [63] Item 1, Business — Recent Developments, Debt Restructuring
  64. [64] Item 1, Business — Recent Developments, Debt Restructuring
  65. [65] Item 1, Business — Recent Developments, Debt Restructuring
  66. [66] Item 1, Business — Recent Developments, Debt Restructuring
  67. [67] Item 1, Business — Recent Developments, Debt Restructuring
  68. [68] Item 1, Business — Recent Developments, Debt Restructuring
  69. [69] Item 2, Summary of Significant Accounting Policies — Going Concern
  70. [70] Item 1, Business — Recent Developments, Debt Restructuring
  71. [71] Item 1, Business — Recent Developments, Debt Restructuring
  72. [72] Item 1, Business — Recent Developments, Debt Restructuring
  73. [73] Item 1, Business — Recent Developments, Equity Interest Payment Agreement
  74. [74] Item 1, Business — Growth Opportunities
  75. [75] Item 1, Business — Growth Opportunities
  76. [76] Item 1, Business — Growth Opportunities
  77. [77] Item 1, Business — Growth Opportunities
  78. [78] Item 1, Business — Growth Opportunities
  79. [79] Item 1, Business — Growth Opportunities
  80. [80] Item 1, Business — Growth Opportunities
  81. [81] Item 1, Business — Growth Opportunities
  82. [82] Item 1, Business — Growth Opportunities
  83. [83] Item 1, Business — Growth Opportunities
  84. [84] Item 1, Business — Growth Opportunities
  85. [85] Item 1, Business — Growth Opportunities
  86. [86] Item 1, Business — Growth Opportunities
  87. [87] Item 1, Business — Growth Opportunities
  88. [88] Item 1, Business — Growth Opportunities
  89. [89] Item 1, Business — Growth Opportunities
  90. [90] Item 1, Business — Growth Opportunities
  91. [91] Item 1, Business — Growth Opportunities
  92. [92] Item 1, Business — Growth Opportunities
  93. [93] Item 1, Business — Growth Opportunities
  94. [94] Item 1, Business — Growth Opportunities
  95. [95] Item 1, Business — Growth Opportunities
  96. [96] Item 1, Business — Growth Opportunities
  97. [97] Item 1, Business — Growth Opportunities
  98. [98] Item 1, Business — Growth Opportunities
  99. [99] Item 1, Business — Growth Opportunities
  100. [100] Item 1, Business — Overview
  101. [101] Item 1A, Risk Factors — General Risks
  102. [102] Item 7, MD&A — Cryptocurrency mining revenue
  103. [103] Item 7, MD&A — Cryptocurrency mining revenue
  104. [104] Item 7, MD&A — Contractual Obligations and Commitments
  105. [105] Item 7, MD&A — Contractual Obligations and Commitments
  106. [106] Item 10, Commitments and Contingencies — Commitments
  107. [107] Item 7, MD&A — Contractual Obligations and Commitments
  108. [108] Item 7, MD&A — Contractual Obligations and Commitments
  109. [109] Item 7, MD&A — Contractual Obligations and Commitments
  110. [110] Item 7, MD&A — Contractual Obligations and Commitments
  111. [111] Item 1A, Risk Factors — General Risks
  112. [112] Item 12, Concentrations
  113. [113] Item 12, Concentrations
  114. [114] Item 1A, Risk Factors — Risks Related to Our Business Generally
  115. [115] Item 1A, Risk Factors — Risks Related to Our Business Generally
  116. [116] Item 1A, Risk Factors — Risks Related to Our Business Generally
  117. [117] Item 2, Summary of Significant Accounting Policies — Going Concern
  118. [118] Item 2, Summary of Significant Accounting Policies — Going Concern
  119. [119] Item 2, Summary of Significant Accounting Policies — Going Concern

Analysis on 5/21/2026