Exceeds or Meets High End of Range for All Figures Reported in Preliminary Results
Provides Update on Fleet Upgrade and Continued SG&A Expense Reduction
Third Quarter 2024 Financial Results:
-
Total revenue of
$12.4 million ; -
Net loss from continuing operations of
$6.3 million ; -
EBITDA loss of
$1.2 million ; -
Adjusted EBITDA loss of
$0.1 million ; -
Cryptocurrency mining revenue of
$3.3 million ; -
Datacenter hosting revenue of
$6.5 million ; -
Power and capacity revenue of
$2.6 million ; and - Total bitcoin production of 166 BTC.
Year to Date 2024 Financial Results:
-
Total revenue of
$44.7 million ; -
Net loss from continuing operations of
$15.9 million ; -
EBITDA loss of
$0.6 million ; -
Adjusted EBITDA gain of
$2.4 million ; -
Cryptocurrency mining revenue of
$15.0 million ; -
Datacenter hosting revenue of
$22.2 million ; -
Power and capacity revenue of
$7.1 million ; and - Total bitcoin production of 793 BTC.
Financial and operating results for the third quarter of 2024 results reflect a
SG&A Update:
Total SG&A expenses through the first three quarters of 2024 were
Fleet Upgrade Update:
As previously announced, Greenidge anticipates continuing to gradually upgrade its miner fleet with newer generation miners, in addition to securing additional sites for future development and potentially monetizing certain assets. Through the receipt of 1,000 upgraded miners, almost all of which have been deployed as of
About
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended
Use of Non-GAAP Information
To provide investors and others with additional information regarding Greenidge’s financial results, Greenidge has disclosed in this press release the non-GAAP operating performance measures of Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to, business expansion costs, impairments of long-lived assets, gains or losses from the sales of long-lived assets, remeasurement of environmental liabilities, restructuring and loss on extinguishment of debt. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, Greenidge’s results presented in accordance with
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Greenidge compensates for these limitations by relying primarily on its GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis.
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Three Months
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Nine Months
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Amounts denoted in millions |
|
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|
|
|
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Net loss from continuing operations |
$ |
6.3 |
|
|
$ |
15.9 |
|
|
Interest expense, net |
|
1.8 |
|
|
|
5.4 |
|
|
Income tax (gain) |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
Depreciation |
|
3.4 |
|
|
|
9.9 |
|
|
EBITDA loss from continuing operations |
|
(1.2 |
) |
|
|
(0.7 |
) |
|
Stock based compensation |
|
0.4 |
|
|
|
1.8 |
|
|
Loss on sale of assets |
|
0.7 |
|
|
|
0.7 |
|
|
Change in fair value of warrant asset, after tax |
|
— |
|
|
|
0.4 |
|
|
Impairment of long-lived assets |
|
— |
|
|
|
0.2 |
|
|
Adjusted EBITDA (loss) from continuing operations |
$ |
(0.1 |
) |
|
$ |
2.4 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107235004/en/
Investors
315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
greenidge@longacresquare.com
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