Greenidge Generation Holdings (GREE) Q3 2025 earnings summary

Executive summary

• Achieved net income of $12.0 million for Q3 2025, reversing a prior loss, driven by an $11.5 million gain on troubled debt restructuring and improved operating results.

• Revenue grew 23% year-over-year to $15.2 million in Q3 2025, with strong growth in power and capacity sales and cryptocurrency mining.

• Entered a Stipulation of Settlement with NYSDEC for a five-year Title V Air Permit for the New York Facility, resolving ongoing legal and regulatory uncertainty and ensuring continued Dresden operations.

• Extinguished 47.3% of original Senior Notes due 2026, reducing principal outstanding to $38.1 million as of November 2025 through multiple tender and exchange offers.

• Enhanced operational efficiency by improving miner fleet performance and exploring strategic asset sales and development opportunities.

Financial highlights

• Q3 2025 revenue: $15.2 million (+23% YoY); nine months ended September 30, 2025: $47.3 million (+6% YoY).

• Q3 2025 net income: $12.0 million (vs. $6.4 million net loss in Q3 2024); nine months net income: $2.3 million (vs. $15.9 million net loss in 2024).

• Adjusted EBITDA for Q3 2025: $1.7 million (vs. $(0.2) million in Q3 2024); nine months: $3.1 million (vs. $2.4 million in 2024).

• Cash and cash equivalents at September 30, 2025: $7.6 million; digital assets: $6.1 million.

• Adjusted Free Cash Flow was $4.3 million, an improvement of $6.4 million from Q2 2025.

Outlook and guidance

• Projected operating cash flows are sufficient through Q3 2026 but not enough to meet $38.4 million in Senior Notes due October 2026.

• Exploring options to address debt, including asset sales, refinancing, and further exchanges; plans to extend 2026 debt maturity through public exchange offers and private agreements.

• Ongoing legal and regulatory processes for the New York Facility's air permit may impact future operations.

• Focused on maximizing value through strategic alternatives, including site development and next-generation miner acquisitions.

• Secured an industrial power contract for a Mississippi expansion property, enabling access to 40MW by March 2027.