Greenidge Generation Holdings (GREE) Investor presentation summary

Business overview and operations

• Operates data centers focused on bitcoin mining, leveraging expertise in electricity markets and power plant operations.

• Revenue streams include hosting, self-mining, wholesale power, and EPCM/pod sales, with a growing focus on AI/data center services.

• Current mining operations span Dresden, Mississippi, North Dakota, and Conifex, with a total power capacity of 122 MW and near-term expandable capacity to 202 MW.

• 2024 YTD bitcoin production reached 739 coins, with a rated hash rate of 1.8 EH/s for hosting and 1.2 EH/s for self-mining.

• Strategic expansion includes new site development and upgrades to mining hardware for efficiency.

Financial performance and cost optimization

• First six months 2024 revenue was $32.4 million, up from $29.9 million in 2023, with improved net and EBITDA results.

• Adjusted net loss reduced to $1.0 million in 2024 from $10.6 million in 2023; EBITDA turned positive at $0.6 million.

• Achieved $6.4 million in SG&A savings, reaching 90% of the $7 million annual target by June 2024.

• Ongoing cost structure overhaul includes improved reporting, upgraded pods, and operational streamlining.

• SG&A expenses dropped from $16.1 million in 2023 to $9.7 million in 2024 for the first six months.

Strategic initiatives and growth

• Diversified revenue mix: 49% hosting, 36% self-mining, 14% energy in first half 2024.

• Expanded asset base with new sites in Mississippi, North Dakota, and South Carolina, and increased mining efficiency at Dresden.

• Partnership with Infinite Reality to provide GPU access for AI/data center clients, diversifying future revenue.

• Strategic playbook focuses on acquiring sites with low-cost power for either AI/HPC datacenters or bitcoin mining.

• Ongoing pilot programs and site buildouts to support AI/data center growth.