Greenidge Generation Holdings (GREE) Registration Filing summary

Company overview and business model

• Operates a vertically integrated cryptocurrency datacenter and natural gas power generation facility in New York with 106 MW capacity, generating revenue from datacenter hosting, cryptocurrency mining, and power/capacity sales.

• Hosting services for NYDIG affiliates include power, technical support, and profit-sharing, reducing downside risk from bitcoin price volatility.

• Owns and operates its own datacenters and miners, providing stable, cost-effective behind-the-meter power.

• Recent expansion includes a 12-acre property in Mississippi (32.5 MW capacity) and a 7.5 MW lease in North Dakota, with further plans for a 60 MW site in South Carolina in 2025.

Financial performance and metrics

• Incurred net losses for 2023 and 2022, with limited operating history and ongoing operating losses as the business grows.

• Revenues are largely dependent on a single natural gas power generation facility.

• Experienced turnover in senior management and reduced headcount in 2023.

Use of proceeds and capital allocation

• May receive up to $20 million in gross proceeds from sales of class A common stock to B. Riley Principal Capital II, to be used for general corporate purposes, capital expenditures, working capital, acquisitions, and investments, including retaining more bitcoin from self-mining.

• Management has broad discretion over the use of proceeds.