Greenidge Generation Holdings Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
VIP$0.96-4.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001628280-25-026016
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001628280-25-040150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 97 previous paragraphs and 141 current paragraphs.
56 unchanged; 33 reworded; 33 added; 8 removed; 0 previous and 19 current paragraphs rearranged.
Tables are not compared: 8 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
•On August 1, 2025, Greenidge Mississippi LLC, a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “APA”) to sell certain assets comprising the Mississippi Facility, excluding any bitcoin miners and the adjoining 5.6 acre tract of land with over 73,000 square feet of industrial warehouse space, to US Digital Mining Mississippi LLC, a wholly owned subsidiary of LM Funding America, Inc. (collectively, the “Buyer”), for a purchase price of $3.9 million in cash. The transaction is expected to close on or before September 16, 2025 (such date, the “APA Closing Date”), subject to the satisfaction of customary closing conditions. Pursuant to the terms of the APA, one (1) business day following the execution of the APA, the Buyer was required to deposit into escrow $0.2 million as an earnest money deposit, which is refundable at the Buyer’s discretion during the due diligence period. The due diligence period expires five business days prior to the APA Closing Date. The APA includes customary representations, warranties, and conditions, as well as mutual indemnification obligations for the parties. The Company continues to evaluate potential uses for the retained industrial warehouse space, including a possible sale.
Current report
•On August 11, 2025, we announced the appointment of Charles M. Zeynel to our Board of Directors, effective August 11, 2025. Mr. Zeynel is an accomplished senior executive with over four decades of global leadership experience including his service at the helm of the Zag Group, a leading provider of sustainable materials to the global construction industry. His expertise in sustainable materials, carbon removal technologies and M&A will be invaluable to the Company, including in its evaluation of potential beneficial uses for its legacy coal ash deposits.
Current report
•On June 3, 2025, we received written notice from the Nasdaq listing qualifications department notifying us that the staff has determined that for the 10 consecutive business days preceding June 3, 2025, the closing bid price of our Class A common stock had been at $1.00 per share or greater. Accordingly, we have regained compliance with Nasdaq’s minimum bid price requirement for continued listing on The Nasdaq Global Select Market, and the staff indicated that the matter opened by Nasdaq’s letter, dated April 9, 2025, was closed. In addition, on July 21, 2025, we received written notice from the Nasdaq listing qualifications department notifying us that the staff has determined that for the 12 consecutive business days preceding July 21, 2025, the minimum value of our publicly held securities (“MVPHS”) had been $15,000,000 or greater. Accordingly, we have regained compliance with Nasdaq’s minimum MVPHS requirement for continued listing on The Nasdaq Global Select Market, and the staff indicated that the matter opened by Nasdaq’s letter, dated March 26, 2025, was closed.
Current report
•Decrease of approximately $0.2 million due to less environmental remediation expenses incurred in the second quarter of 2025 compared to the prior year period; and
Current report
•Decrease of approximately $0.1 million due to reductions in other various expenses in the second quarter of 2025 compared to the prior year period.
Current report
During the three months ended June 30, 2025, total other expense, net decreased by $1.0 million, or 58%, to $0.8 million of other expense due to a decrease in non-cash amortization of the bond premium recorded as part of the privately negotiated exchange agreements of approximately $1.0 million.
Current report
Results from Operations - Six Months Ended June 30, 2025
Current report
Key Metrics
Current report
Revenue
Current report
Cryptocurrency mining revenue
Current report
Datacenter hosting revenue
Current report
Power and capacity revenue
Current report
Our power and capacity revenue increased $7.3 million, or 160%, to $11.8 million during the six months ended June 30, 2025. We estimate higher average power and capacity prices and higher power and capacity sales volume caused revenue increases of approximately 50% and 110%, respectively, as compared to the prior period.
Current report
Total cost of revenue, exclusive of depreciation, increased $5.2 million, or 24%, to $26.8 million during the six months ended June 30, 2025 as compared to the prior year period. We estimate the increase is comprised of approximately 38% due to higher natural gas costs as well as an 8% increase due to higher electricity costs compared to the prior period. This was partially offset by 20% due to the reduction in monthly hosting fees paid to third parties for hosting Company-owned miners.
Current report
Selling, general and administrative expenses
Current report
•Decrease of approximately $0.9 million due to reductions in professional fees and consulting expenses caused by reductions in discretionary costs and higher regulatory costs in the prior year period associated with permit renewals and environmental matters at the New York Facility;
Current report
•Decrease of approximately $0.4 million due to allocation of property taxes to cost of sales in 2025.
Current report
Depreciation
Current report
Depreciation expense decreased $0.2 million, or 3%, to $6.3 million for the six months ended June 30, 2025 as compared to the prior year period, due to a lower asset base.
Current report
Gain on digital assets
Current report
We recognized a gain on digital assets of $1.1 million for the six months ended June 30, 2025 as a result of an increase in the price of bitcoin during the six months ended June 30, 2025, which compriseda $0.4 million unrealized gain on digital assets held in treasury and a $0.7 million realized gain on sales of bitcoin during the year. There was a$0.1 million unrealized loss on digital assets and a $0.1 million realized gain on sales of bitcoin during the six months ended June 30, 2024.
Current report
We recognized a loss on the sale of assets of $0.4 million for the six months ended June 30, 2025, which was primarily as a result of selling long-lived assets. During the six months ended June 30, 2024, we recognized a $0.03 million gain on the sale of assets.
Current report
Operating (loss) income from operations
Current report
As a result of the factors described above, we reported an operating loss for the six months ended June 30, 2025 of $5.8 million compared with an operating loss of $5.5 million in the six months ended June 30, 2024.
Current report
Total other expense, net
Current report
During the six months ended June 30, 2025, the Company incurred a decrease of $0.1 million, or 2%, to $3.9 million of other expense, mainly due to a decrease in the change in fair value of warrant asset of $0.4 million partially offset by a loss on liquidation of a foreign subsidiary of $0.3 million, as well as an increase in interest expense of $1.3 million for payments made to a related party in connection with the Equity Interest Payment Agreement offset by decreases of $1.3 million of non-cash amortization of the bond premium recorded as part of the debt exchange.
Current report
Benefit from income taxes
Current report
Net loss
Current report
As a result of the factors described above, Greenidge incurred a net loss of $9.7 million for the six months ended June 30, 2025 as compared to a net loss of $9.5 million for the six months ended June 30, 2024.
Current report
Non-GAAP Measures and Reconciliations
Current report
On November 27, 2024, we entered into a definitive agreement to sell the South Carolina Land for $12.1 million in cash and an 8% profit participation interest in the property’s planned data center. We have agreed with the buyer to extend the date for closing until a date no later than August 25, 2025. On August 1, 2025, we entered into the APA to sell the Mississippi facility for $3.9 million, with a planned closing date of on or before September 16, 2025 (See Note 17, “Subsequent Events”).
Current report
In addition, on July 21, 2025, we announced the expiration and final results of the Tender/Exchange Offer to purchase for cash, or issue a new series of 10.00% Senior Notes due 2030 (collectively, the “New Notes”) in exchange for, its Senior Notes, pursuant to which we purchased $8.9 million in aggregate principal amount of the Senior Notes for a total of $3.2 million in cash and exchanged $4.8 million in aggregate principal amount of the Senior Notes for $2.2 million in aggregate principal amount of the New Notes. Following the conclusion of the Tender/Exchange Offer, we had
Current report
$44.6 million in aggregate principal amount of Senior Notes outstanding and $2.2 million in aggregate principal amount of New Notes outstanding.
Removed paragraphs (8)
Previous report
•In March 2025, a subsidiary of the Company agreed to acquire a 37.4-acre property in Columbus, Mississippi for $243,100 in cash, with the transaction expected to close in the second quarter 2025. In April 2025, the subsidiary entered into an agreement with the local utility to initiate preliminary work for a substation to deliver 40 MW of power to the property. As of the filing date, this project is estimated to cost approximately $2.5 million and is anticipated to be completed by July 2026, which does not include the time and expense required to design, engineer and construct a datacenter to utilize such power on the property.
Previous report
•On April 16, 2025, we announced the appointment of Christopher Krug and Kenneth Fearn to our Board of Directors and announced the appointment of current board member Timothy Fazio as Chairman, effective April 17, 2025. Mr. Krug is an experienced founder and public markets investor with a dedicated focus on small cap companies across industries. Mr. Fearn is an accomplished senior executive and public board member with over three decades of experience in investments, finance and M&A and a specialization in real estate development and acquisition. Their expertise in both public and private markets and unique perspectives will be invaluable to the Company as we evaluate various transactions to maximize shareholder value.
Previous report
•Total property tax expense decreased approximately $0.3 million in the first quarter of 2025 compared to the prior year period, primarily related to a reduction in the assessed value of property owned by us; and
Previous report
•Total stock compensation decreased approximately $0.5 million in the first quarter of 2025 compared to the prior year period, as a result of a decline in amortized expense relating to RSUs with a higher grant date fair value, as well as a decline in amortized expense relating to options due to a modification that occurred in the second quarter of 2024.
Previous report
Loss on sale of assets
Previous report
Gain on insurance proceeds
Previous report
We recognized a gain on insurance proceeds of $0.4 million for the three months ended March 31, 2025 as a result of filing a claim related to miners damaged in a severe weather event. There was no gain on insurance proceeds for the three months ended March 31, 2024.
Previous report
During the three months ended March 31, 2025, we incurred an increase of $1.0 million, or 43%, to $3.2 million of other expense due to an increase in interest expense of $1.1 million in connection with the extension payment on the letters of credit held by Atlas and a $0.3 million loss on our liquidation of our former foreign subsidiary , which was partially offset by a decrease in the change in fair value of warrant asset due to the warrant being exercised in the fourth quarter of 2024.
Reworded paragraphs (33)
Previous wording
The following discussion should be read together with the audited financial statements and the related notes thereto of Greenidge Generation Holdings Inc., together with its consolidated subsidiaries ("Greenidge" or the “Company”) for the years ended December 31, 2024 and 2023 included in our Annual Report on Form 10-K and the unaudited interim financial statements and related notes thereto of the Company for the three months ended March 31, 2025 included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains certain forward-looking statements that reflect plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the “Risk Factors” disclosed in Item 1A to Part I of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q, and “Cautionary Statement Regarding Forward-Looking Statements” sections of this Quarterly Report on Form 10-Q. Actual results may differ materially from those contained in any forward-looking statements. For purposes of this section, “Greenidge,“ “the Company,” “we,” “us” and “our” refer to Greenidge Generation Holdings Inc. together with its consolidated subsidiaries. You should carefully read “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.
Current wording
The following discussion should be read together with the audited financial statements and the related notes thereto of Greenidge Generation Holdings Inc., together with its consolidated subsidiaries (“Greenidge” or the “Company”) for the years ended December 31, 2024 and 2023 included in our Annual Report on Form 10-K and the unaudited interim financial statements and related notes thereto of the Company for the three and six months ended June 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains certain forward-looking statements that reflect plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the “Risk Factors” disclosed in Item 1A to Part I of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q, and “Cautionary Statement Regarding Forward-Looking Statements” sections of this Quarterly Report on Form 10-Q. Actual results may differ materially from those contained in any forward-looking statements. For purposes of this section, “Greenidge,“ “the Company,” “we,” “us” and “our” refer to Greenidge Generation Holdings Inc. together with its consolidated subsidiaries. You should carefully read “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.
Previous wording
Our datacenter operations consist of approximately 30,100 miners with approximately 3.3 EH/S of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners or 1.8 EH/s, is associated with datacenter hosting and 11,900 miners, or 1.5 EH/s is associated with our cryptocurrency mining.
Current wording
Our datacenter operations consist of approximately 28,500 miners with approximately 3.2 EH/S of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners or 1.8 EH/s, is associated with datacenter hosting and 10,300 miners, or 1.4 EH/s is associated with our cryptocurrency mining.
Previous wording
Highlights from the quarter ended March 31, 2025 and subsequent events through the date of this filing:
Current wording
Highlights from the three months ended June 30, 2025 and subsequent events through the date of this filing:
Previous wording
•On May 7, 2025, the Company announced that it had exchanged or agreed to exchange approximately 16.6% of the original $72,200,000 aggregate principal amount of its 8.50% Senior Notes due October 2026 (the “Senior Notes"), totaling $12,014,375 in principal amount (or 480,575 Senior Notes, each with a $25 principal value), for either cash or shares of the Company’s Class A common stock, in the aggregate, from October 24, 2024 through May 1, 2025. Refer to Note 5, "Debt," Note 9, "Stockholders' Deficit," and Note 17, "Subsequent Events—Exchange Agreements," in the Notes to our Unaudited Condensed Consolidated Financial Statements for further information.
Current wording
•The Company has extinguished approximately 38.2% of the original $72,200,000 aggregate principal amount of its 8.50% Senior Notes due October 2026 (the “Senior Notes”), totaling $27,611,200 in principal amount (or 1,104,448 Senior Notes, each with a $25 principal value), for either cash or shares of the Company’s Class A common stock, in the aggregate, from October 24, 2024 through the date of this filing. On July 21, 2025, pursuant to the Company’s separate concurrent offers to purchase for cash, or issue a new series of 10.00% Senior Due due 2030 (each with a $11 principal value) (collectively, the “New Notes”) in exchange for, its Senior Notes (such transaction, the “Tender/Exchange Offer”), the Company announced that in connection with the Tender/Exchange Offer it had purchased $8.9 million in aggregate principal amount of the Senior Notes for a total of $3.2 million in cash and exchanged $4.8 million in aggregate principal amount of the Senior Notes for $2.2 million in aggregate principal amount of the New Notes. Following the conclusion of the Tender/Exchange Offer, the Company had $44.6 million in aggregate principal amount of Senior Notes outstanding and $2.2 million in aggregate principal amount of New Notes outstanding. See Note 5, “Debt” and Note 9, “Stockholders’ Deficit,” in the Notes to our Unaudited Condensed Consolidated Financial Statements for further information.
Previous wording
•During the quarter ended March 31, 2025, we did not issue any shares of our Class A common stock under the Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC (See Note 9, "Stockholders' Deficit - Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC"). As of the filing date, we do not plan to sell any shares of our Class A common stock pursuant to the Common Stock Purchase Agreement at a price below $2.73 per share; however, there can be no assurance that we will not sell shares at or below such price.
Current wording
•During the three months ended June 30, 2025, we did not issue any shares of our Class A common stock under the Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC (See Note 9, “Stockholders’ Deficit - Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC”). As of the filing date, we do not plan to sell any shares of our Class A common stock pursuant to the Common Stock Purchase Agreement; however, there can be no assurance that we will not do so at, above or below prevailing market prices for our shares of Class A common stock as of the date of filing.
Previous wording
In the first quarter of 2025 Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to cryptocurrency mining and hosting. At March 31, 2025, Greenidge datacenter operations consisted of approximately 30,100 miners with approximately 3.3 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, were associated with datacenter hosting and 11,900 miners, or 1.5 EH/s, were associated with Greenidge’s cryptocurrency mining.
Current wording
During the three months ended June 30, 2025 Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to datacenter hosting. At June 30, 2025, Greenidge datacenter operations consisted of approximately 28,500 miners with approximately 3.2 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, were associated with datacenter hosting and 10,300 miners, or 1.4 EH/s, were associated with Greenidge’s cryptocurrency mining.
Previous wording
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers ("ASICs" or "miners") owned by us. Our cryptocurrency mining revenue decreased $2.8 million, or 40%, to $4.2 million.
Current wording
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers (“ASICs” or “miners”) owned by us. Our cryptocurrency mining revenue decreased $0.5 million, or 11%, to $4.2 million.
Previous wording
We estimate that approximately 65% of the decrease was due to increases in the global bitcoin mining difficulty factor and the bitcoin halving that occurred in April 2024, which was partially offset by 26% due to the increase in the average price of bitcoin. Bitcoin mining difficulty was 44% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award. The average bitcoin price was 76% higher and our average hash rate increased 5%, primarily attributable to the addition of more efficient miners to our fleet.
Current wording
We estimate that approximately 41%of the decrease was due to increases in the global bitcoin mining difficulty factor and the bitcoin halving that occurred in April 2024, which was partially offset by 30% due to the increase in the average price of bitcoin. Bitcoin mining difficulty was 45% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award, and the average bitcoin price was 50% higher than the prior year.
Previous wording
As of March 31, 2025, our fleet of miners ranged in age from 0.1 to 3.6 years and had an average age of approximately 2.3 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of March 31, 2025, our fleet of miners ranged in efficiency from approximately 15.0 to 34.2 joules per terahash (“J/TH”) and had an average efficiency of 26.6 J/TH.
Current wording
As of June 30, 2025, our fleet of miners ranged in age from 0.2 to 3.8 years and had an average age of approximately 2.4 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of June 30, 2025, our fleet of miners ranged in efficiency from approxim ately 15.0 to 34.2 joules per terahash (“J/TH”) and had an average efficiency of 23.7 J/TH.
Previous wording
Under the hosting services agreement and related orders with affiliates of NYDIG ABL LLC (collectively as in effect from time to time, the "NYDIG Hosting Agreement"), we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $5.8 million for the three months ended March 31, 2025 and $9.1 million for the three months ended March 31, 2024. This decrease of $3.3 million was due to a 44% increase in average difficulty, a 23% decrease in hosting MWhs, as well as a decrease in bitcoin rewards due to the bitcoin halving in April 2024, partially offset by a 76% increase in the average price of bitcoin. In addition, we managed approximately 1.3 EH/s of average active hash rate in our hosting services, of which produced approximately 67 bitcoins.
Current wording
Under the hosting services agreement and related orders with affiliates of NYDIG ABL LLC (collectively as in effect from time to time, the “NYDIG Hosting Agreement”), we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $6.0 million for the three months ended June 30, 2025 and $6.8 million for the three months ended June 30, 2024. This decrease of $0.8 million was due to a 45% increase in average difficulty, a 3% decrease in hosting MWhs, as well as a decrease in bitcoin rewards due to the bitcoin halving in April 2024, partially offset by a 50% increase in the average price of bitcoin. We managed approximately 1.4 EH/s of average active hash rate in our hosting services, of which produced approximately 67 bitcoins.
Previous wording
Power and capacity revenue at our New York Facility is earned when we sell capacity and energy and ancillary services to the wholesale power grid managed by the New York Independent System Operator ("NYISO"). Through these sales, we earn revenue in three streams, including: (1) power revenue received based on the hourly price of power, (2) capacity revenue for committing to sell power to the NYISO when dispatched and (3) other ancillary service revenue received as compensation for the provision of operating reserves. Our power and capacity revenue increased $6.2 million, or 203%, to $9.2 million during the three months ended March 31, 2025. We estimate that higher power and capacity sales volume due to increased demand and higher average power and capacity prices caused revenue increases of approximately 65% and 138%, respectively.
Current wording
Power and capacity revenue at our New York Facility is earned when we sell capacity and energy and ancillary services to the wholesale power grid managed by the New York Independent System Operator (“NYISO”). Through these sales, we earn revenue in three streams, including: (1) power revenue received based on the hourly price of power; (2) capacity revenue for committing to sell power to the NYISO when dispatched; and (3) other ancillary service revenue received as compensation for the provision of operating reserves. Our power and capacity revenue increased $1.1 million, or 74%, to $2.6 million during the three months ended June 30, 2025. We estimate that higher power and capacity sales volume due to increased demand and higher average power and capacity prices caused revenue increases of approximately 24% and 50%, respectively.
Previous wording
Total cost of revenue, exclusive of depreciation, increased $2.7 million, or 22%, to $15.0 million during the three months ended March 31, 2025 as compared to the prior year period. We estimate the increase is comprised of approximately 110% due to higher natural gas costs and 27% due to higher emissions expense due to higher RGGI prices. This was partially offset by approximately 113% due to a decrease in cryptocurrency mining hosting fees upon termination of the hosting agreements in 2024.
Current wording
Total cost of revenue, exclusive of depreciation, increased $2.5 million, or 27%, to $11.9 million during the three months ended June 30, 2025 as compared to the prior year period. We estimate the increase is comprised of approximately 18%due to higher natural gas costs, 7% due to higher emissions expense due to higher RGGI prices, 6% due to higher electricity costs outside of our New York Facility, and 3% due to increase in other costs. This was partially offset by approximately 9%due to a decrease in cryptocurrency mining hosting fees upon termination of the hosting agreements in Q2 2024.
Previous wording
Selling, general and administrative expenses decreased $2.6 million, or 49%, to $2.8 million for the three months ended March 31, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Current wording
Selling, general and administrative expenses decreased $1.1 million, or 27%, to $3.1 million for the three months ended June 30, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Previous wording
•Total insurance expense decreased approximately $0.8 million in the first quarter of 2025 compared to the prior year period, as a result of a decline in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Current wording
•Total insurance expense decreased approximately $0.6 million in the second quarter of 2025 compared to the prior year period, as a result of a decline in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Previous wording
•Decrease of approximately $0.7 million due to reductions in professional fees and consulting expenses caused by reductions in discretionary costs;
Current wording
•Decrease of approximately $0.2 million due to reductions in professional fees and consulting expenses caused by reductions in discretionary costs;
Previous wording
Depreciation expense decreased $0.1 million, or 3%, to $3.1 million for the three months ended March 31, 2025 as compared to the prior year period, due to a lower depreciable asset base at the end of the period.
Current wording
Depreciation expense decreased $0.1 million, or 3%, to $3.2 million for the three months ended June 30, 2025 as compared to the prior year period, due to a lower depreciable asset base at the end of the period.
Previous wording
We recognized a loss on digital assets of $1.0 million for the three months ended March 31, 2025 as a result of a decline in the closing price of bitcoin during the three months ended March 31, 2025, leading to a $1.2 million unrealized loss on digital assets partially offset by a $0.2 million realized gain on sale of bitcoin during the quarter. There was $0.1 million gain on digital assets as a result of realized gains on sale of bitcoin and change in fair value of digital assets as a result of adopting ASU 2023-08 effective January 1, 2024 during the three months ended March 31, 2024.
Current wording
Werecognized a gain on digital assets of $2.1 million for the three months ended June 30, 2025 as a result of an increase in the closing price of bitcoin during the three months ended June 30, 2025, of which $1.6 million of which was an unrealized gain on bitcoin held in treasury and $0.5 million of which was a realized gain on sale of bitcoin during the quarter. There was a $0.01 million loss on digital assets during the three months ended June 30, 2024.
Previous wording
We recognized a loss on the sale of assets of $0.1 million for the three months ended March 31, 2025 as a result of selling long-lived assets. There was no gain or loss on the sale of assets for the three months ended March 31, 2024.
Current wording
We recognized a loss on the sale of assets of $0.2 million for the three months ended June 30, 2025 as a result of selling long-lived assets. There was a gain of $0.03 million on the sale of assets for the three months ended June 30, 2024.
Previous wording
As a result of the factors described above, we reported an operating loss for the three months ended March 31, 2025 of $2.4 million as compared to an operating loss of $1.7 million in the three months ended March 31, 2024.
Current wording
As a result of the factors described above, we reported an operating loss for the three months ended June 30, 2025 of $3.4 million as compared to an operating loss of $3.8 million in the three months ended June 30, 2024.
Previous wording
As a result of the factors described above, we incurred a net loss of $5.6 million for the three months ended March 31, 2025 as compared to a net loss of $3.9 million for the three months ended March 31, 2024.
Current wording
As a result of the factors described above, we incurred a net loss of $4.1 million for the three months ended June 30, 2025 as compared to a net loss of $5.6 million for the three months ended June 30, 2024.
Previous wording
•Total payroll and benefits and other employee costs decreased approximately $0.2 million in the first quarter of 2025 compared to the prior year period, as a result of declines in employee expenses related to the corporate overhead cost reduction efforts that occurred in 2024;
Current wording
•Total payroll and benefits and stock compensation decreased approximately $0.3 million and $0.5 million, respectively, in the six months ended June 30, 2025 compared to the prior year period, as a result of declines in employee expenses related to the corporate overhead cost as well as a decrease in incentive compensation; and
Previous wording
Our effective tax rate for the three months ended March 31, 2025 and 2024 was 0% and 0%, respectively, which was lower than the statutory rate of 21% because we have a full valuation allowance on deferred tax assets. We recorded and will continue to carry a full valuation allowance against our gross deferred tax assets that will not reverse against deferred tax liabilities within the scheduled reversal period.
Current wording
Our effective tax rate for the six months ended June 30, 2025 and 2024 was 0% and 0%, which was lower than the statutory rate of 21% because we have a full valuation allowance on deferred tax assets. We recorded and will continue to carry a full valuation allowance against our gross deferred tax assets that will not reverse against deferred tax liabilities within the scheduled reversal period.
Previous wording
As of March 31, 2025, we had cash and cash equivalents of $4.9 million and digital assets of $8.4 million. To date, we have primarily relied on debt and equity financing to fund our operations, including meeting ongoing working capital needs.
Current wording
As of June 30, 2025, we had cash and cash equivalents of $3.4 million and digital assets of $7.3 million. To date, we have primarily relied on debt and equity financing to fund our operations, including meeting ongoing working capital needs.
Previous wording
We believe our existing cash and cash equivalents, together with digital assets, cash generated from operations and the proceeds from the sale of the South Carolina Facility, will be sufficient to fund our operations and satisfy our current obligations through the next 12 months. However, our projected operating cash flows are not sufficient in the long term to meet our existing long-term debt obligations and will only be sufficient to fund operations and current operations if bitcoin mining economics remain at or above current levels.
Current wording
We believe our existing cash and cash equivalents, together with digital assets, cash generated from operations and the proceeds from the sale of the Mississippi Facility or South Carolina Facility, will be sufficient to fund our operations and satisfy our current obligations through the next 12 months. However, our projected operating cash flows are not sufficient in the long term to meet our existing long-term debt obligations, specifically our obligations relating to the Senior Notes, which mature on October 31, 2026, and will only be sufficient to fund operations and current operations if bitcoin mining economics remain at or above current levels.
Previous wording
We are considering various items to address the long-term debt obligations, including the retirement or purchase of our outstanding debt through cash purchases and/or exchanges for equity or other debt, which may be conducted in open-market purchases, privately negotiated transactions or other transactions. Such repurchases or exchanges, if any will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material and to the extent equity is used, dilutive. During the year ended December 31, 2024, we entered into privately negotiated exchange agreements, pursuant to which we issued an aggregate of 692,433 shares of our Class A common stock, in exchange for $3.7 million aggregate principal amount of our Senior Notes. During the first quarter of 2025, we entered into privately negotiated exchange agreements, pursuant to which we issued an aggregate of 643,456 shares of our Class A common stock, in exchange for $1.8 million aggregate principal amount of our Senior Notes. From April 1, 2025 through the date of this filing, we entered into privately negotiated exchange agreements, pursuant to which we issued an aggregate of 599,000 shares of our Class A common stock and paid $1.9 million in cash, in exchange for $6.5 million aggregate principal amount of our Senior Notes.
Current wording
During the six months ended June 30, 2025, we entered into privately negotiated exchange agreements, pursuant to which we issued an aggregate of 1,242,456 shares of our Class A common stockand paid $2.6 million in cash in exchange for $10.3 million in aggregate principal amount of the Senior Notes.
Previous wording
Our operating cash flows are highly dependent on bitcoin mining economics commonly measured by hashprice. Increases in the price of bitcoin benefit us by increasing the amount of revenue earned for each bitcoin earned. Increases in the difficulty to mine a bitcoin adversely affect us by decreasing the number of bitcoin earned. Increases in the costs of electricity, natural gas, and emissions credits adversely affect us by increasing operating costs. Depending on our assumptions regarding the bitcoin hashprice and energy price inputs, the estimates of the amounts of required liquidity vary significantly. There can be no assurances that these assumptions used to estimate liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to the limited ability to predict future bitcoin and energy prices. The Company’s forecast also anticipates proceeds from the South Carolina Land classified as held for sale and any inability to close on a sale of the South Carolina Land will further adversely impact the Company’s liquidity projections. Additionally, the inability to procure and comply with the permits and licenses required to operate our facilities, including the Title V Air Permit for the New York Facility, which is subject to ongoing litigation (see Note 10, "Commitments and Contingencies"), may have an adverse impact on our ability to meet cash flow forecasts.
Current wording
Our operating cash flows are highly dependent on bitcoin mining economics commonly measured by hashprice. Increases in the price of bitcoin benefit us by increasing the amount of revenue earned for each bitcoin earned. Increases in the difficulty to mine a bitcoin adversely affect us by decreasing the number of bitcoin earned. Increases in the costs of electricity, natural gas, and emissions credits adversely affect us by increasing operating costs. Depending on our assumptions regarding the bitcoin hashprice and energy price inputs, the estimates of the amounts of required liquidity vary significantly. There can be no assurances that these assumptions used to estimate liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to the limited ability to predict future bitcoin and energy prices. The Company’s forecast also anticipates proceeds from the Mississippi Facility and the South Carolina Land classified as held for sale and any inability to close on either of those asset sales will further adversely impact the Company’s liquidity projections. Additionally, the inability to procure and comply with the permits and licenses required to operate our facilities, including the Title V Air Permit for the New York Facility, which is subject to ongoing litigation (see Note 10, “Commitments and Contingencies”), may have an adverse impact on our ability to meet cash flow forecasts.
Previous wording
The debt payments included in the table above include the principal and interest amounts due. The lease payments include fixed monthly rental payments and exclude any variable payments. Self-mining capacity obligation is based on minimum power usage required at its North Dakota Facility. Environmental obligations are based on estimates subject to various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, and requirements of granted permits. Additional adjustments to the environment liability may occur periodically due to potential changes in remediation requirements regarding coal combustion residuals which may lead to material changes in estimates and assumptions.
Current wording
The debt payments included in the table above include the principal and interest amounts due. The lease payments include fixed monthly rental payments and exclude any variable payments. Self-mining capacity obligation is based on minimum power usage required at t North Dakota Facility. Environmental obligations are based on estimates subject to various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, and requirements of granted permits. Additional adjustments to the environment liability may occur periodically due to potential changes in remediation requirements regarding coal combustion residuals which may lead to material changes in estimates and assumptions.
Previous wording
The following table provides information about our net cash flow for the three months ended March 31, 2025 and 2024.
Current wording
The following table provides information about our net cash flow for the six months ended June 30, 2025 and 2024.
Previous wording
Net cash used for operating activities was $5.7 million for the three months ended March 31, 2025, as compared to net cash used of $5.1 million for the three months ended March 31, 2024. The variance in the operating cash flow during the first three months of 2025 as compared to 2024 was driven primarily by funding a trust for environmental obligations and the purchase of additional Regional Greenhouse Gas Initiative ("RGGI") credits in Q1 2024, which was required to settle the accrued emissions liability for the three-year control period ended December 31, 2023. We also surrendered the required RGGI credits in the first quarter of 2025 for the first year of the three-year control period ending December 31, 2026, as compared to surrendering the required RGGI credits in the second quarter of 2024. Non-cash adjustments included decreases in change in fair value of warrant asset, impairment of long-lived assets and stock-based compensation, an increase in loss on digital assets due to fluctuations in the price of bitcoin, a gain on insurance proceeds. This was partially offset by a less favorable net loss and us retaining bitcoin in connection with our bitcoin self-mining retention strategy.
Current wording
Net cash used for operating activities was $10.5 million for the six months ended June 30, 2025, as compared to net cash used of $6.5 million for the six months ended June 30, 2024. The variance in the operating cash flow during the first six months of 2025 as compared to 2024 was driven primarily by funding a trust for environmental obligations and the purchase of additional Regional Greenhouse Gas Initiative (“RGGI”) credits during the six months ended June 30, 2024, which was required to settle the accrued emissions liability for the three-year control period ended December 31, 2023. Non-cash adjustments included stock-based compensation, a gain on digital assets due to fluctuations in the price of bitcoin, and a gain on insurance proceeds. This was partially offset by a less favorable net loss and us retaining bitcoin in connection with our bitcoin self-mining retention strategy.
Previous wording
Net cash provided by investing activities was $2.0 million for the three months ended March 31, 2025, as compared to net cash used for investing activities of $1.0 million for the three months ended March 31, 2024. The variance is primarily related to sales of bitcoin coin resulting in proceeds of $1.8 million, an increase in proceeds from the sale of long-lived assets of $0.3 million, insurance proceeds received of $0.4 million on miners damaged as a result of a severe weather event and a decrease in purchase of and deposits for property and equipment of $0.4 million.
Current wording
Net cash provided by investing activities was $7.9 million for the six months ended June 30, 2025, as compared to net cash used for investing activities of $3.6 million for the six months ended June 30, 2024. The variance was primarily related to an increase in proceeds from the sale of bitcoin coin of $9.1 million, an increase in proceeds from the sale of long-lived assets of $0.3 million, insurance proceeds received of $0.4 million on miners damaged as a result of a severe weather event and a decrease in purchase of and deposits for property and equipment of $1.6 million.
Previous wording
There was no net cash provided by financing activities for the three months ended March 31, 2025, as compared to $7.0 million for the three months ended March 31, 2024. The variance was a result of us not engaging in any financing activities that resulted in cash inflows or outflows during the three months ended March 31, 2025.
Current wording
There was $2.6 million net cash used for financing activities for the six months ended June 30, 2025, as compared to $7.0 million provided by financing activities for the six months ended June 30, 2024. The variance was a result of making principal payments on debt of $2.6 million and not engaging in any financing activities that resulted in cash inflows during the six months ended June 30, 2025.
Previous wording
The most significant accounting estimates involve a high degree of judgment or complexity. Management believes the estimates and judgments most critical to the preparation of our condensed consolidated financial statements and to the understanding of our reported financial results include those made in connection with our environmental obligations. There were no adjustments to the environmental liabilities for the three months ended March 31, 2025. Management evaluates its policies and assumptions on an ongoing basis.
Current wording
The most significant accounting estimates involve a high degree of judgment or complexity. Management believes the estimates and judgments most critical to the preparation of our condensed consolidated financial statements and to the understanding of our reported financial results include those made in connection with our environmental obligations. There were no adjustments to the environmental liabilities for the six months ended June 30, 2025. Management evaluates its policies and assumptions on an ongoing basis.
Previous wording
Our significant accounting policies related to these accounts in the preparation of our condensed consolidated financial statements are described Note 2, "Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the year ended December 31, 2024. As described in Note 2, "Summary of Significant Accounting Policies" in Part I, Item 1 herein, there have been no material changes to our significant accounting policies for the three months ended March 31, 2025.
Current wording
Our significant accounting policies related to these accounts in the preparation of our condensed consolidated financial statements are described in Note 2, “Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2024. As described in Note 2, “Summary of Significant Accounting Policies” in Part I, Item 1 herein, there have been no material changes to our significant accounting policies for the six months ended June 30, 2025.
Rearranged current paragraphs (19)
Current report — wording carried from elsewhere
Loss (gain) on sale of assets
Current report — wording carried from elsewhere
Our effective tax rate for the three months ended June 30, 2025 and 2024 was a benefit of 1% and an expense of 0%, respectively, which was lower than the statutory rate of 21% because we have a full valuation allowance on deferred tax assets, as well as receiving refunds during 2025 in connection with prior tax periods. We recorded and will continue to carry a full valuation allowance against our gross deferred tax assets that will not reverse against deferred tax liabilities within the scheduled reversal period.
Current report — wording carried from elsewhere
The following table (in thousands) sets forth key components of our results from operations and should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the six months ended June 30, 2025 versus the six months ended June 30, 2024, unless otherwise specified.
Current report — wording carried from elsewhere
(a)Adjusted Amounts and Other Financial Data are non-GAAP performance measures. A reconciliation of reported amounts to adjusted amounts can be found in the “Non-GAAP Measures and Reconciliations” section of this MD&A.
Current report — wording carried from elsewhere
The following table provides a summary of key metrics related to the six months ended June 30, 2025 and 2024.
Current report — wording carried from elsewhere
During the six months ended June 30, 2025, Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to hosting services. At June 30, 2025, Greenidge datacenter operations consisted of approximately 28,500 miners with approximately 3.2 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, is associated with datacenter hosting and 10,300 miners, or 1.4 EH/s, is associated with Greenidge’s cryptocurrency mining.
Current report — wording carried from elsewhere
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with ASICs owned or leased by us. Our cryptocurrency mining revenue decreased $3.3 million, or 28%, to $8.5 million. We estimate that approximately 55% of the decrease was due to the increase in the global bitcoin mining difficulty factor and the bitcoin halving that occurred in April 2024, which was partially offset by 27% due to the increase in the average price of bitcoin. Bitcoin mining difficulty was 44% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award, the average bitcoin price was 62%higher and our average hash rate increased 15%, primarily attributable to the addition of more efficient miners to our fleet.
Current report — wording carried from elsewhere
The miners associated with Greenidge’s cryptocurrency mining were comprised as follows:
Current report — wording carried from elsewhere
As of June 30, 2025, our fleet of miners ranged in age from 0.2 to 3.8 years and had an average age of approximately 2.4 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of June 30, 2025, our fleet of miners ranged in efficiency from approximately 15.0 to 34.0 J/TH and had an average efficiency of 23.7 J/TH.
Current report — wording carried from elsewhere
The table below presents the average cost of mining each bitcoin for the six months ended June 30, 2025:
Current report — wording carried from elsewhere
Under the NYDIG Hosting Agreement, we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $11.9 million for the six months ended June 30, 2025 and $16.1 million for the six months ended June 30, 2024. This decrease of $4.2 million was due to a 44% increase in average difficulty, a 14% decrease in hosting MWhs due to the shift to more power and capacity volumes primarily in Q1 2025, as well as a decrease in bitcoin rewards due to the bitcoin halving in April 2024, partially offset by a 62% increase in the average price of bitcoin. We managed approximately 1.4 EH/s of average active hash rate in our hosting services, of which produced approximately 134 bitcoins.
Current report — wording carried from elsewhere
Power and capacity revenue at our New York Facility is earned when we sell capacity and energy and ancillary services to the wholesale power grid managed by the NYISO. Through these sales, we earn revenue in three streams, including: (1) power revenue received based on the hourly price of power; (2) capacity revenue for committing to sell power to the NYISO when dispatched; and (3) other ancillary service revenue received as compensation for the provision of operating reserves.
Current report — wording carried from elsewhere
Cost of revenue (exclusive of depreciation)
Current report — wording carried from elsewhere
The New York Facility allocates its cost of revenue between datacenter hosting, cryptocurrency mining and power and capacity based on their respective MWh consumption on a pro rata basis.
Current report — wording carried from elsewhere
Selling, general and administrative expenses decreased $3.8 million, or 39%, to $5.9 million for the six months ended June 30, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Current report — wording carried from elsewhere
•Total insurance expense decreased approximately $1.4 million in the six months ended June 30, 2025 compared to the prior year period, as a result of declines in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Current report — wording carried from elsewhere
Loss (gain) on sale of assets
Current report — wording carried from elsewhere
Revenue per MWh for datacenter hosting, cryptocurrency mining and power and capacity are used by management to consider the extent to which we may generate electricity to either produce cryptocurrency or sell power to the New York wholesale power market. Cost of revenue (excluding depreciation) per MWh represents a measure of the cost of natural gas, emissions credits, payroll and benefits and other direct production costs associated with the MWhs produced to generate the respective revenue category for each MWh utilized. Depreciation expense is excluded from the cost of revenue (exclusive of depreciation) per MWh metric; therefore, not all cost of revenues for datacenter hosting, cryptocurrency mining and power and capacity are fully reflected. To the extent any other cryptocurrency datacenters are public or may go public, the cost of revenue (exclusive of depreciation) per MWh metric may not be comparable because some competitors may include depreciation in their cost of revenue figures.
Current report — wording carried from elsewhere
We are considering various items to continue addressing the long-term debt obligations, including the retirement or purchase of our outstanding debt through cash purchases and/or exchanges for equity or other debt, which may be conducted in open-market purchases, privately negotiated transactions or other transactions. Such repurchases or exchanges, if any will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors. The amounts involved may be material and to the extent equity is used, dilutive.