Greenidge Generation Holdings Inc. reported a total revenue of $59.5 million for the fiscal year ending December 31, 2024, a decrease of 15% from $70.4 million in 2023. The decline was primarily attributed to reduced revenues from cryptocurrency mining and datacenter hosting, which fell by 21% and 24%, respectively. Cryptocurrency mining revenue amounted to $19.1 million, while datacenter hosting generated $29.8 million. In contrast, power and capacity revenue increased significantly by 59% to $10.6 million, reflecting higher demand and prices in the wholesale power market.
The company's operating loss from continuing operations improved to $11.4 million in 2024, compared to a loss of $16.9 million in the previous year. This improvement was driven by a reduction in selling, general, and administrative expenses, which decreased by 34% to $17.3 million, largely due to restructuring efforts and lower legal costs. Additionally, the company recognized a gain of $2.2 million on digital assets, following the adoption of new accounting standards that allowed for fair value measurement of its cryptocurrency holdings.
Strategically, Greenidge expanded its operations by acquiring a 12-acre parcel in Columbus, Mississippi, which added 32.5 MW of power capacity. The company also launched a new portable cryptocurrency mining solution, Pod X, aimed at enhancing operational efficiency. However, it faced challenges, including the sale of its South Carolina facility, which was completed in November 2023, and ongoing litigation regarding its Title V Air Permit renewal, which could impact future operations.
As of December 31, 2024, Greenidge had approximately 30,700 miners with a combined capacity of 3.3 EH/s, down from 42,300 miners in 2023 due to the sale of the South Carolina facility. The company reported a total of 74 bitcoins held, with a carrying basis of $5.5 million and a fair value of $7.0 million. The company’s liquidity position improved with cash and cash equivalents of $8.6 million, bolstered by proceeds from asset sales and equity financing. However, it noted that projected operating cash flows are insufficient to meet long-term debt obligations, raising concerns about its financial sustainability.
Looking ahead, Greenidge aims to enhance its liquidity through asset sales and potential equity financing, while navigating the challenges posed by fluctuating bitcoin prices and regulatory scrutiny. The company is also focused on expanding its datacenter operations and improving operational efficiencies to better position itself in the competitive cryptocurrency market.
About Greenidge Generation Holdings Inc.
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