Greenidge Generation Holdings Inc. reported a significant decline in revenue for the third quarter of 2024, with total revenue of $12.4 million, down 41% from $20.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenue decreased by 12% to $44.7 million compared to $50.7 million in the prior year. The revenue breakdown for Q3 2024 included $6.5 million from datacenter hosting, $3.3 million from cryptocurrency mining, and $2.6 million from power and capacity services. The decrease in datacenter hosting revenue was primarily attributed to the sale of the South Carolina facility, which accounted for approximately $10 million of the decline.

Despite the revenue drop, Greenidge improved its operating performance, reporting an operating loss of $4.6 million for Q3 2024, a significant improvement from the $10.1 million loss in Q3 2023. The loss from continuing operations before income taxes also improved to $6.4 million from $13.2 million year-over-year. The net loss for Q3 2024 was $6.4 million, down from $14.2 million in the same quarter of 2023. For the nine-month period, the net loss was $15.9 million, a 50% improvement from $31.8 million in 2023.

The company has focused on cost reductions, achieving a $9.3 million decrease in selling, general, and administrative expenses for the first nine months of 2024 compared to the same period in 2023. This reduction was driven by lower payroll and benefits costs, as well as decreased professional fees and insurance expenses. Total operating costs and expenses for the nine months ended September 30, 2024, were $54.9 million, down from $73.2 million in 2023.

Strategically, Greenidge has made several significant moves, including the acquisition of 12 acres in Columbus, Mississippi, for $1.45 million, which provides access to additional power capacity. The company has also transitioned its miners from third-party hosting to its own sites, which is expected to enhance profitability. Additionally, Greenidge has implemented a bitcoin self-mining retention strategy to accumulate bitcoin from owned miners.

The company continues to face challenges, including ongoing legal disputes regarding its Title V Air Permit for its New York facility, which was denied by the New York State Department of Environmental Conservation. A hearing regarding a temporary restraining order to allow continued operations is expected to conclude soon. As of September 30, 2024, Greenidge had cash and cash equivalents of $7.6 million, down from $10.7 million a year earlier, and reported a substantial doubt about its ability to continue as a going concern.