Greenidge Generation Holdings (GREE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $19.2 million, nearly flat year-over-year, with power and capacity sales up 203% and mining/hosting revenues down 36% and 40%, respectively.

• Net loss widened to $5.6 million, driven by higher operating and interest expenses.

• Adjusted EBITDA declined 62% to $1.0 million, reflecting margin compression and increased costs.

• The company operates 30,100 miners (3.3 EH/s), with 11,900 for self-mining and 18,200 for hosting.

• Strategic focus remains on debt reduction, operational efficiency, and mining capacity expansion.

Financial highlights

• Power and capacity revenue increased to $9.2 million, offsetting declines in hosting and mining.

• Cryptocurrency mining revenue was $4.2 million, datacenter hosting $5.8 million, and total bitcoin production was 112 BTC.

• Cost of revenue (excluding depreciation) rose 22% to $15.0 million, mainly due to higher natural gas and emissions costs.

• Ended Q1 with $4.9 million in cash, $8.4 million in Bitcoin, and $66.7 million in aggregate principal debt.

• Interest expense increased to $2.9 million, including $1.4 million related to letters of credit.

Outlook and guidance

• Management expects sufficient liquidity for the next 12 months, assuming stable bitcoin economics and successful asset sales.

• Plans to add 2.5MW of mining capacity in Q2 or Q3 2025 and at least 40MW by Q2 2026, targeting a near-term total of 161.5MW.

• Expansion in Mississippi is underway, with a new 37.4-acre property and plans for a 40 MW substation by July 2026.

• Long-term debt obligations remain a concern, with ongoing efforts to restructure or exchange debt.