Greenidge Generation Holdings (GREE) Q4 2023 earnings summary

Executive summary

• Reported Q4 2023 net income of $2.7 million, adjusted EBITDA of $3.6 million, and EPS of $0.36, all above guidance.

• Full year 2023 revenue reached $70.4 million, with a GAAP net loss from continuing operations of $29.0 million, including $4.0 million in noncash impairment charges and $2.4 million from remeasurement of environmental liabilities.

• Debt reduced by 54% to $72 million, and cash at year-end was $13.3 million.

• Ongoing business transformation includes expansion into AI and HPC datacenter space and restructuring of the executive team.

Financial highlights

• Q4 2023 total revenue was $19.6 million, with $7.2 million from self-mining, $10.7 million from hosting, and $1.7 million from power and capacity.

• Adjusted EBITDA for Q4 was $3.6 million; full year adjusted EBITDA was $153,000.

• Produced 2,938 bitcoin in 2023, with 891 from owned miners and 2,047 from hosting.

Outlook and guidance

• Focus on deploying idle miners, expanding access to low-cost power, and growing datacenter and AI infrastructure.

• Continued optimization of SG&A structure and evaluation of future sites with significant low-cost power capacity.