0001628280-25-026016 | 10-Q | XBRL Viewer | Greenidge Generation Holdings INC

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DEBT - Equipment Financing Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total Debt	$ 66,710	$ 68,541
Less: Debt premium (discount) and issue costs	460	(473)
Total debt at book value	67,170	68,068
Less: Current portion	0	0
Long-term debt, net of deferred financing fees	$ 67,170	$ 68,068
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	8.50%	8.50%
Amount Financed	$ 72,200
Total Debt	$ 66,710	$ 68,541

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As of March 31, 2025, Atlas Holdings LLC, the Company's controlling shareholder and a related party (collectively with its affiliates, "Atlas"), controls 70.9% of the voting power of the Company's outstanding capital stock. As a result, the Company is a "controlled company" within the meaning of Nasdaq’s corporate governance standards. Letters of Credit Atlas obtained a letter of credit from a financial institution in the amount of $5.0 million at March 31, 2025 and December 31, 2024, payable to the NYSDEC. This letter of credit guarantees the current value of the Company’s landfill environmental trust liability. See Note 10, "Commitments and Contingencies" for further details. Atlas also has a letter of credit from a financial institution in the amount of $3.6 million at March 31, 2025 and December 31, 2024, payable to Empire Pipeline Incorporated (“Empire”) in the event the Company should not make contracted payments for costs related to a pipeline interconnection project the Company has entered into with Empire. Co-Defendant Endorsement On October 14, 2024, the Company agreed to include a co-defendant endorsement under its directors and officers liability insurance policy (the "D&O Policy") with respect to Atlas and certain of its affiliates, which, in certain circumstances, extends coverage to claims for losses attributable to a wrongful act of the Company or any of its insured persons jointly made and continuously maintained against the Company and/or any of its insured persons under the D&O Policy, on the one hand, and Atlas and/or certain of its affiliates, on the other. The inclusion of such co-defendant endorsement resulted in no change to the Company's premiums with respect to its D&O insurance policy. Mississippi Expansion On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space, from a subsidiary of Motus Pivot Inc., a portfolio company of Atlas. The purchase price was $1.45 million. This property provides the Company with access to 32.5 MW of additional power capacity. The transaction closed in April 2024 and the Company deployed 8.5 MW of miners on the property as of March 31, 2025. Equity Interest Payment Agreement The Company entered into an Equity Interest Payment Agreement as of January 24, 2025, pursuant to which and as consideration for Atlas' continued credit support with respect to the letters of credit mentioned above, totaling $8.6 million, the Company shall pay interest at a rate of 8.5% per annum. The interest will be calculated on a per diem basis based on the number of days in the applicable measurement period, which interest payments shall be net of any interest otherwise actually received by Atlas from the issuing bank. Payments will be made by issuing Class A common stock to Atlas calculated using the volume weighted average price of Class A common stock as reported on the Nasdaq Global Select Market, with the total cumulative shares not to exceed 19.99% of the sum of the number of outstanding shares of Class A common stock and Class B common stock as of January 24, 2025. In the event that the Class A common stock issuable under the Equity Interest Payment Agreement exceeds the aforementioned 19.99%, then subsequent payments will be made in cash for the amount in excess of 19.99%. The Company recognized interest expense of $0.1 million in connection with the Equity Interest Payment Agreement during the three months ended March 31, 2025. In connection with the Equity Interest Payment Agreement, the Company agreed to pay, by issuing shares of its Class A common stock, a letter of credit extension payment as further consideration for Atlas to enter into the Equity Interest Payment Agreement and maintain the letters of credit. On January 29, 2025, the Company issued 752,742 shares of Class A common stock to settle the letter of credit extension payment. The aggregate fair value of the Class A common stock issued was $1.4 million, which was recognized as interest expense in the consolidated statement of operations. Other Affiliates of Atlas from time to time incur certain costs for the benefit of Greenidge, which are fully reimbursed by Greenidge. Greenidge did not reimburse Atlas or its affiliates for any such costs during the quarter ended March 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs. The 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 the Company has recognized a full valuation allowance on its deferred tax assets. The Company continued to evaluate the realizability of deferred tax assets, due to continued reduced profitability, concluded that a valuation allowance should continue to be recognized for any deferred tax assets generated during the quarter.

- Definition

The entire disclosure for income tax.

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+ Details

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION

Contract liabilities

At times, the Company receives payments from customers before revenue is recognized, resulting in the recognition of a contract liability presented on the Condensed Consolidated Balance Sheets.

Changes in the Contract liability balance for the three months ended March 31, 2025 were as follows:


$ in thousands	Contract Liabilities
Balance as of December 31, 2024	$	2,339
Revenue recognized	$	(2,339)
Deposits received	$	—
Balance as of March 31, 2025	$	—

Prepaid expenses and accrued expenses


$ in thousands	March 31, 2025		December 31, 2024
Prepaid expenses:
Electric deposits	$	588	$	588
Prepaid insurance	800		1,279


Other	673		750
Total	$	2,061	$	2,617

Accrued expenses:
Accrued interest	$	949	$	974
Other	2,577		3,258
Total	$	3,526	$	4,232

Greenidge had the following noncash investing and financing activities:


	Three Months Ended March 31,
$ in thousands	2025		2024
Cumulative-effect adjustment due to the adoption of ASU 2023-08	$	—	$	22
Property and equipment purchases in accounts payable	$	34	$	224
Common stock issued in exchange for reduction in debt	$	815	$	—
Shares issued to settle extension fees for stand-by letters of credit	$	1,370	$	—

The following table provides supplemental cash flow information for cash paid for interest:


	Three Months Ended March 31,
$ in thousands	2025		2024
Cash paid for interest	$	1,434	$	1,534

STOCKHOLDERS' DEFICIT - Warrants (Details) - February 2024 Warrants	Mar. 31, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,260,505
Number of warrants exercisable (in shares)	1,260,505
Exercise price (in dollars per share) \| $ / shares	$ 5.25

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Contract Liability Rollforward

Changes in the Contract liability balance for the three months ended March 31, 2025 were as follows:


$ in thousands	Contract Liabilities
Balance as of December 31, 2024	$	2,339
Revenue recognized	$	(2,339)
Deposits received	$	—
Balance as of March 31, 2025	$	—

Schedule of Prepaid and Accrued Expenses


$ in thousands	March 31, 2025		December 31, 2024
Prepaid expenses:
Electric deposits	$	588	$	588
Prepaid insurance	800		1,279


Other	673		750
Total	$	2,061	$	2,617

Accrued expenses:
Accrued interest	$	949	$	974
Other	2,577		3,258
Total	$	3,526	$	4,232

Schedule of Supplemental Cash Flow Information

Greenidge had the following noncash investing and financing activities:


	Three Months Ended March 31,
$ in thousands	2025		2024
Cumulative-effect adjustment due to the adoption of ASU 2023-08	$	—	$	22
Property and equipment purchases in accounts payable	$	34	$	224
Common stock issued in exchange for reduction in debt	$	815	$	—
Shares issued to settle extension fees for stand-by letters of credit	$	1,370	$	—

The following table provides supplemental cash flow information for cash paid for interest:


	Three Months Ended March 31,
$ in thousands	2025		2024
Cash paid for interest	$	1,434	$	1,534

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
SEGMENT REPORTING - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reporting segments	1

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2024
Debt Instrument [Line Items]
Interest expense	$ 1,400	$ 1,800
Notional value	66,700			$ 68,500
Fair value of debt	17,800			24,800
Unamortized discount (premium) and debt issuance costs	$ (460)			473
Exchange Agreement
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares)	643,456
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Stock issued during period, value, debt modification amendment fee	$ 800
Senior Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
Senior notes			$ 72,200
Debt exchanged				$ 3,700
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redeem percentage			102.00%
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redeem percentage			101.00%
Debt exchanged	$ 1,800
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redeem percentage			100.00%
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redeem percentage			100.50%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following at March 31, 2025 and December 31, 2024:


$ in thousands	Estimated Useful Lives	March 31, 2025		December 31, 2024
Plant infrastructure	10 years	$	1,522	$	1,522
Miners	3 years	37,605		36,182
Miner facility infrastructure	10 years	13,295		13,227
Land	N/A	1,952		1,952
Equipment	5 years	45		45


Construction in process	N/A	328		1,834

		54,747		54,762
Less: Accumulated depreciation		(27,594)		(24,463)
		$	27,153	$	30,299

Total depreciation expense was $3.1 million and $3.2 million for the three months ended March 31, 2025 and 2024, respectively.

Mississippi Expansion

On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space, from a subsidiary of Motus Pivot Inc., a portfolio company of Atlas. The purchase price was $1.45 million, which the Company financed with cash on hand.

Sale of Equipment

During the three months ended March 31, 2025, Greenidge sold construction in process assets with a carrying value of $0.8 million for proceeds of $0.7 million resulting in a loss on the sale of assets of $0.1 million.

Impairment

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows, based on prevailing market conditions, from the asset are less than its carrying amount. If impairment is indicated, the long-lived asset is written down to fair value. There were no triggering events identified as of March 31, 2025.

During the three months ended March 31, 2024, the Company recognized an impairment charge of $0.2 million of property and equipment, net. The impairment was related to miners no longer viable for operation.

FAIR VALUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
FAIR VALUE - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Impairment of long-lived assets	$ 0	$ 169

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Debt Instrument [Line Items]
Amortization of debt (premium) discount and issuance costs	$ (83)	$ 261
Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	1,431	1,534
Amortization of debt (premium) discount and issuance costs	(81)	268
Total interest expense	$ 1,350	$ 1,802

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (b)(1)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

DIGITAL ASSETS (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Bitcoin Held

The following table presents the Company's bitcoin holdings as of March 31, 2025 and December 31, 2024 (in thousands, except bitcoin held):


Digital assets holdings	March 31, 2025		December 31, 2024
Number of bitcoin held	101.8		74.5
Carrying basis of bitcoin	$	8,684	$	5,523
Fair Value of bitcoin	$	8,405	$	6,950

Schedule of Digital Assets Rollfoward

The following table represents a reconciliation of the fair values of the Company's digital assets (in thousands):


Digital assets:	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Beginning balance at fair value	$	6,950	$	369
Additions	4,226		6,999
Dispositions	(1,783)		(7,104)
Gain (loss) on digital assets	(988)		59
Ending balance	$	8,405	$	323

FAIR VALUE - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Assets:
Digital assets	$ 8,405	$ 6,950	$ 323	$ 369
Level 1
Assets:
Digital assets	8,405	6,950
Level 2
Assets:
Digital assets	0	0
Level 3
Assets:
Digital assets	$ 0	$ 0

EQUITY BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Common Stock Unit Awards Activity

The Company’s unvested RSA and RSU award activity for the three months ended March 31, 2025 is summarized below:


	RSAs & RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	131,347	$	3.31
Granted	357,803	$	0.86
Vested	(303,549)	$	1.30

Unvested at March 31, 2025	185,601	$	1.88

Schedule of Stock Options Activity

The Company’s common stock options activity for the three months ended March 31, 2025 is summarized below:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	482,492	$	15.75



Expired	(4,138)	$	62.50
Outstanding at March 31, 2025	478,354	$	15.34	7.69	$	—
Exercisable as of March 31, 2025	331,178	$	18.53	7.45	$	—

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 12, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-40808
Entity Registrant Name	Greenidge Generation Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1746728
Entity Address, Address Line One	1159 Pittsford-Victor Road
Entity Address, Address Line Two	Suite 240
Entity Address, City or Town	Pittsford
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14534
City Area Code	315
Local Phone Number	536-2359
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001844971
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	GREE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		12,705,321
Senior Notes
Document Information [Line Items]
Title of 12(b) Security	8.50% Senior Notes due 2026
Trading Symbol	GREEL
Security Exchange Name	NASDAQ
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,733,394

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31,
$ in thousands	2025		2024
Segment revenue	$	19,242	$	19,333
Less:
Natural gas expense	8,817		5,814
Electricity for mining expense	1,245		—
Emissions expense	2,465		1,736
Hosting fee expense	148		1,936
Other cost of revenue (a)	2,323		2,832
Segment gross profit	$	4,244	$	7,015

Selling, general and administrative	2,776		5,393
Depreciation	3,131		3,234

Impairment of long-lived assets	—		169
Loss (gain) on digital assets	988		(59)
Loss on sale of assets	137		—
Gain on insurance proceeds	(399)		—

Interest expense, net	2,855		1,802
Change in fair value of warrant asset	—		420
Loss on liquidation of subsidiary	348		—
Other income, net	(18)		—
Benefit from income taxes	(10)		—
Segment net loss	$	(5,564)	$	(3,944)

(a) Other cost of revenue primarily consists of labor and repairs and maintenance expenses

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2025
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of Condensed Consolidated Financial Statements In the opinion of Greenidge management, the accompanying condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented and such adjustments are of a normal recurring nature. The results for the unaudited interim condensed consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2025 or for any future interim period. The unaudited interim condensed consolidated financial statements do not include all of the information and notes required by United States Generally Accepted Accounting Principles for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of the Company in its 2024 Annual Report on Form 10-K. Liquidity In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements – Going Concern, the Company’s management evaluated whether there are conditions or events that pose risk associated with the Company's ability to continue as a going concern within one year after the date these financial statements have been issued. The Company’s consolidated financial statements have been prepared assuming that it will continue as a going concern. The Company has historically incurred operating losses and negative cash flows from operations. These losses were primarily the result of challenging bitcoin mining economics beginning in 2022, driven by increased energy prices and a significant decline in bitcoin prices. While the recovery in bitcoin prices and a reduction in energy costs have since improved mining economics, these gains have been partially offset by increased mining difficulty and by the April 19, 2024 halving, which reduced miner rewards. The existence of these factors beginning in 2022 raised substantial doubt about the Company’s ability to continue as a going concern. However, the Company believes this substantial doubt is alleviated by management’s plans, which include relying on existing cash and cash equivalents, together with digital assets, cash generated from operations and the proceeds from the pending sale of the remaining 152 acres in Spartanburg, South Carolina (the "South Carolina Land") owned by us, to fund its operations and satisfy its current obligations through the next 12 months. Management has taken certain actions since 2022 to improve the Company’s liquidity, including, among other things, the sale of assets, the proceeds of which were used to extinguish $80.3 million of debt, and significant restructuring activities to materially reduce selling, general and administrative expenses. On November 27, 2024, the Company 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. The closing of the sale is in process and expected to close in 2025. However, the Company’s projected operating cash flows are not sufficient in the long-term to meet the existing long-term debt obligations. The Company is considering various items to address the long-term debt obligations, including the retirement or purchase of its 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 the Company 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. During the year ended December 31, 2024, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 692,433 shares of the Company’s Class A common stock, in exchange for $3.7 million aggregate principal amount of its 8.50% Senior Notes due October 2026 (the "Senior Notes"). During the first quarter of 2025, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 643,456 shares of the Company's Class A common stock in exchange for $1.8 million aggregate principal amount of its Senior Notes. From April 1, 2025 through the date of this filing, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 599,000 shares of the Company's Class A common stock and agreed to pay $1.9 million in cash in exchange for $6.5 million aggregate principal amount of the Senior Notes. The Company’s operating cash flows are highly dependent on bitcoin mining economics commonly measured by hashprice. Increases in the price of bitcoin benefit the Company by increasing the amount of revenue earned for each bitcoin earned. Increases in the difficulty to mine a bitcoin adversely affect the Company by decreasing the number of bitcoin earned. Increases in the costs of electricity, natural gas, and emissions credits adversely affect the Company by increasing operating costs. Depending on the Company’s 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 sale of the South Carolina Land classified as held for sale and any inability to close on a sale of that facility will further adversely impact the Company’s liquidity projections. Additionally, the inability to procure and comply with the permits and licenses required to operate the Company’s facilities, including the Title V Air Permit for the New York Facility, which is subject to ongoing litigation (see Note 10), may have an adverse impact on its ability to meet cash flow forecasts. While the Company believes it will be successful in its efforts to improve liquidity, which will allow it to meet its financial commitments for at least the next 12 months, there can be no assurance that these efforts will be successful. Reclassifications Certain prior year amounts have been reclassified to conform to the current year's presentation. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2. Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2024. There have been no material changes to the significant accounting policies, except as described herein, for the three months ended March 31, 2025. Leases The Company accounts for leases in accordance with ASC 842. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use ("ROU") asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date and is subsequently measured at amortized cost using the effective interest method. As the rate implicit in the lease is not readily available, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company leases property for its corporate office and a land used in cryptocurrency mining operations. Leases are categorized into two asset classes: corporate real estate and land - cryptocurrency mining. For the corporate real estate asset class, the Company has elected to combine lease and non-lease components. The Company excluded short-term leases having initial terms of 12 months or less as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. Lease payments included in the measurement of the lease liability comprise fixed payments. Variable lease payment amounts, such as increases in lease payments based on changes in usage, are not included in the measurement of the ROU asset or lease liability and are expensed as incurred. See Note 10, "Commitments and Contingencies" for additional information. Recent Accounting Pronouncements, Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosures of certain costs and expenses specified in the updated guidance to provide enhanced transparency into aggregate amounts presented on the Consolidated Statements of Operations and Comprehensive Loss. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. This guidance becomes effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact on its disclosures. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted as an induced conversion. This guidance becomes effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company expects this guidance will have no impact to its Consolidated Financial Statements. Recent Accounting Pronouncements, Adopted In March 2025, the FASB issued ASU No. 2025-02, Liabilities (Subtopic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122, which amends the Accounting Standards Codification to remove the text of SEC Staff Bulletin ("SAB") 121: Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and has not had an impact on the Company’s financial statements.

DEBT - Minimum Future Principal Payments on Debt (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Remainder of 2025	$ 0
2026	66,710
2027	0
2028	0
2029	0
Total	$ 66,710

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION - Prepaid Expenses and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Prepaid expenses:
Electric deposits	$ 588	$ 588
Prepaid insurance	800	1,279
Other	673	750
Total	2,061	2,617
Accrued expenses:
Accrued interest	949	974
Other	2,577	3,258
Total	$ 3,526	$ 4,232

DIGITAL ASSETS - Digital Assets Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Crypto Asset [Roll Forward]
Beginning balance at fair value	$ 6,950	$ 369
Additions	4,226	6,999
Dispositions	(1,783)	(7,104)
Gain (loss) on digital assets	(988)	59
Ending balance	$ 8,405	$ 323

DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides information on the Company’s debt agreements:


$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		March 31, 2025		December 31, 2024
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	66,710	$	68,541
Total Debt							66,710		68,541
Less: Debt premium (discount) and issue costs							460		(473)
Total debt at book value							67,170		68,068
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	67,170	$	68,068

The following table details our interest expense related to the Senior Notes (in thousands):


	For the three months ended
	March 31, 2025		March 31, 2024
Contractual interest expense	$	1,431	$	1,534
Amortization of debt (premium) discount and issuance costs	(81)		268
Total interest expense	$	1,350	$	1,802

Schedule of Minimum Future Principal Payments on Debt

Minimum future principal payments on debt at March 31, 2025 were as follows:


$ in thousands
Remainder of 2025	$	—
2026	66,710
2027	—
2028	—
2029	—
Total	$	66,710

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured On Recurring Basis and Fair Value Hierarchy

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Digital assets	$	6,950	$	—	$	—	$	6,950


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Digital assets	$	8,405	$	—	$	—	$	8,405

ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions	Nov. 27, 2024	Mar. 31, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term assets held for sale		$ 7.2	$ 7.2
South Carolina Datacenter \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from disposal	$ 12.1
Disposal group, including discontinued operation, consideration from sale, profit participation percentage	8.00%

LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator


Net loss	$	(5,564)	$	(3,944)
Denominator
Basic weighted average shares outstanding	13,938		9,494
Effect of dilutive securities	—		—

Diluted weighted average shares outstanding	13,938		9,494

Net loss per share, basic and diluted:


Net loss per share, basic and diluted	$	(0.40)	$	(0.42)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth potential shares of common stock that are not included in the diluted net loss per share calculation because to do so would be anti-dilutive for the period indicated (in thousands):


Anti-dilutive securities	March 31, 2025	March 31, 2024
Restricted stock units	186	132
Common shares issuable upon exercise of stock options	478	458
Common shares issuable upon exercise of warrants	1,261	2,251
Total	1,925	2,841

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	14,725,374	13,025,627
Common stock, outstanding (in shares)	14,725,374	13,025,627

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 31, 2024 MW	Sep. 30, 2020 USD ($) dth	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jun. 30, 2024
Product Liability Contingency [Line Items]
Environmental trust liability			$ 30,432,000		$ 30,432,000
Environmental liability related to landfill, period			30 years
Annual inflation rate on environmental liability related to landfill			2.30%
Deposit in trust for environmental liability			$ 1,300,000
Purchase commitment, energy volume required per day (in dekatherm) \| dth		15,000
Purchase commitment per month		$ 200,000
Purchase commitment, termination notice period		12 months
Purchase commitment period		10 years
Mining lease term	5 years
Power of mining facility \| MW	7.5
Variable lease cost			1,000,000	$ 0
Lease term							5 years
Right-of-use assets			0			$ 200,000
Lease liabilities			0			$ 200,000
Coal ash impoundment
Product Liability Contingency [Line Items]
Environmental liability			$ 17,300,000		17,300,000
Environmental liability, remediation period			4 years
Environmental trust liability			$ 13,400,000		$ 13,400,000

DEBT

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

DEBT

The following table provides information on the Company’s debt agreements:


$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		March 31, 2025		December 31, 2024
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	66,710	$	68,541
Total Debt							66,710		68,541
Less: Debt premium (discount) and issue costs							460		(473)
Total debt at book value							67,170		68,068
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	67,170	$	68,068

The Company incurred interest expense of $1.4 million and $1.8 million during the three months ended March 31, 2025 and 2024, respectively, under the terms of these notes payable.

The following table details our interest expense related to the Senior Notes (in thousands):


	For the three months ended
	March 31, 2025		March 31, 2024
Contractual interest expense	$	1,431	$	1,534
Amortization of debt (premium) discount and issuance costs	(81)		268
Total interest expense	$	1,350	$	1,802

Senior Unsecured Notes

During the fourth quarter of 2021, the Company sold $72.2 million of the Senior Notes pursuant to the Company’s registration statement on Form S-1. Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year to the holders of record at the close of business on the immediately preceding January 15, April 15, July 15 and October 15, respectively. The Senior Notes are senior unsecured obligations of the Company and rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness. The Senior Notes trade on the Nasdaq Global Select Market under the symbol "GREEL."

The Company may redeem the Senior Notes for cash in whole or in part at any time (i) on or after October 31, 2023 and prior to October 31, 2024, at a price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after October 31, 2024 and prior to October 31, 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iii) on or after October 31, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Company may redeem the Senior Notes, in whole, but not in part, at any time at its option, at a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events.

During the first quarter of 2025, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 643,456 shares of the Company's Class A common stock. The shares of the Company's Class A common stock were issued with an aggregate fair value of $0.8 million in exchange for $1.8 million aggregate principal amount of the Senior Notes, the net of which was recorded as a premium to be amortized over the remaining term of the Senior Notes. The Company concluded the exchanges met the definition of a troubled debt restructuring under ASC 470-60, Troubled Debt Restructurings by Debtors, as the Company was experiencing financial difficulties and the creditors granted a concession. The future undiscounted cash flows of the Senior Notes after the exchanges exceeded the adjusted carrying value of the Senior Notes prior to the exchanges. As such, the carrying value of the Senior Notes was reduced by the fair value of the Class A common stock granted and no gain was recognized as a result of the exchanges.

Minimum Future Principal Payments

Minimum future principal payments on debt at March 31, 2025 were as follows:


$ in thousands
Remainder of 2025	$	—
2026	66,710
2027	—
2028	—
2029	—
Total	$	66,710

Fair Value Disclosure

The notional value and estimated fair value of the Company’s debt totaled $66.7 million and $17.8 million, respectively at March 31, 2025 and $68.5 million and $24.8 million, respectively at December 31, 2024. The notional value does not include unamortized debt premium of $0.5 million and unamortized discounts and debt issuance costs $0.5 million at March 31, 2025 and December 31, 2024, respectively. The estimated fair value of the senior unsecured notes, representing the fair value of the Senior Notes, was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.4-08(c))
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOSS PER SHARE - Basic Earnings and Diluted per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net loss, basic	$ (5,564)	$ (3,944)
Net loss, diluted	$ (5,564)	$ (3,944)
Denominator
Weighted average shares outstanding, diluted (in shares)	13,938,000	9,494,000
Effect of dilutive securities (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	13,938,000	9,494,000
Net loss per share, basic and diluted:
Net loss per share, basic (in dollars per share)	$ (0.40)	$ (0.42)
Net loss per share, diluted (in dollars per share)	$ (0.40)	$ (0.42)

STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($)							3 Months Ended		6 Months Ended	12 Months Ended	30 Months Ended
STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($)	Jan. 29, 2025	Jan. 24, 2025	Sep. 24, 2024	Jul. 30, 2024	Feb. 12, 2024	Oct. 03, 2022	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2025	Aug. 14, 2024
Class of Stock [Line Items]
Common stock issuance upon exercise of prefunded warrant (in shares)										810,205
Warrants issued (in shares)							0
Senior Notes \| Senior Unsecured Notes
Class of Stock [Line Items]
Debt exchanged								$ 3,700,000		$ 3,700,000
Interest Rate							8.50%	8.50%	8.50%	8.50%	8.50%
February 2024 Pre-Funded Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)					810,205
Issuance of warrants to advisor in connection with completion of merger					$ 2,000,000
Common Stock Warrant
Class of Stock [Line Items]
Issuance of warrants to advisor in connection with completion of merger					$ 2,800,000
Common Stock Purchase Agreement
Class of Stock [Line Items]
Maximum aggregate consideration to be received on transaction				$ 20,000,000
Sale of stock, period				36 months
Number of shares issued in transaction (in shares)			7,300,000				0		1,595,855
Net proceeds received									$ 4,300,000
At The Market Issuance Sales Agreement
Class of Stock [Line Items]
Maximum aggregate consideration to be received on transaction						$ 22,800,000
Number of shares issued in transaction (in shares)							0				4,167,463
Net proceeds received											$ 20,700,000
Underwriter compensation, percentage of gross stock sales						3.00%
Securities Purchase Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)					450,300
Net proceeds received					$ 6,000,000
Sale of stock, price (in dollars per share)					$ 4.76
Exercise price (in dollars per share)					$ 0.0001							$ 5.25
Warrant term					5 years
Number of securities called by warrants (in shares)												1,260,505
Exchange Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)							643,456
Debt Exchange Agreements
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)								692,433
Total cumulative shares, maximum percentage allowed for issue		19.99%
Debt Exchange Agreements \| Common Class A
Class of Stock [Line Items]
Stock issued during period, value, debt modification amendment fee							$ 1,400,000
Issuance of shares in connection with Equity Interest Payment Agreement (in shares)	752,742
Debt Exchange Agreements \| Letter of Credit
Class of Stock [Line Items]
Interest Rate		8.50%
Debt Exchange Agreements \| Atlas Holdings LLC
Class of Stock [Line Items]
Letters of credit outstanding		$ 8,600,000

FAIR VALUE

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE

The Company follows the guidance in ASC Topic 820, Fair Value Measurement. For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy based upon observable and unobservable inputs is used to arrive at fair value. The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

As of March 31, 2025 and December 31, 2024, the carrying amount of accounts receivable, prepaid expenses and other assets, emissions and carbon offset credits, accounts payable, accrued expenses, accrued emissions expense, and other short-term liabilities approximated their fair value due to their relatively short maturities.


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Digital assets	$	6,950	$	—	$	—	$	6,950


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Digital assets	$	8,405	$	—	$	—	$	8,405

Assets Measured on a Nonrecurring Basis

Assets that are measured at fair value on a nonrecurring basis are remeasured when carrying value exceeds fair value. This includes the evaluation of long-lived assets. Where an indication of an impairment exists, the Company’s estimates of fair value of long-lived assets require the use of significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances that might impact the long-lived assets’ operations in the future and are therefore uncertain.

There were no impairment charges for the three months ended March 31, 2025. The Company recognized impairment charges of $0.2 million of property and equipment during the three months ended March 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SEGMENT REPORTING - Schedule of Segment Reporting Information, by Segment (Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Total revenue	$ 19,242	$ 19,333
Selling, general and administrative	2,776	5,393
Depreciation	3,131	3,234
Impairment of long-lived assets	0	169
Loss on sale of assets	137	0
Gain on insurance proceeds	(399)	0
Interest expense, net	2,855	1,802
Change in fair value of warrant asset	0	420
Loss on liquidation of subsidiary	348	0
Other income, net	(18)	0
Benefit from income taxes	(10)	0
Reportable Segment
Segment Reporting Information [Line Items]
Total revenue	19,242	19,333
Natural gas expense	8,817	5,814
Electricity for mining expense	1,245	0
Emissions expense	2,465	1,736
Hosting fee expense	148	1,936
Other cost of revenue	2,323	2,832
Segment gross profit	4,244	7,015
Selling, general and administrative	2,776	5,393
Depreciation	3,131	3,234
Impairment of long-lived assets	0	169
Loss (gain) on digital assets	988	(59)
Loss on sale of assets	137	0
Gain on insurance proceeds	(399)	0
Interest expense, net	2,855	1,802
Change in fair value of warrant asset	0	420
Loss on liquidation of subsidiary	348	0
Other income, net	(18)	0
Benefit from income taxes	(10)	0
Segment net loss	$ (5,564)	$ (3,944)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative Translation Adjustment	Securities Purchase Agreement	Common Stock	Common Stock Securities Purchase Agreement	Additional Paid - In Capital	Additional Paid - In Capital Securities Purchase Agreement	Subscription Receivable	Cumulative Translation Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Translation Adjustment
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023				9,131,252
Stockholders' equity, beginning balance at Dec. 31, 2023	$ (51,024)	$ 22		$ 1		$ 319,992		$ (698)	$ (345)	$ (369,974)	$ 22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,070					1,070
Issuance of shares in connection with Equity Interest Payment Agreement (in shares)				45,269	450,300
Issuance of shares in connection with Securities Purchase Agreement and Issuance of shares, net of issuance costs	1,038		$ 1,133			340	$ 1,133	698
Restricted shares award issuance (in shares)				159,357
Issuance of warrants in connection with Securities Purchase Agreement	4,866					4,866
Reclassification of foreign currency translation adjustment realized upon liquidation of foreign subsidiary	0
Foreign currency translation adjustment	(3)								(3)
Net loss	(3,944)									(3,944)
Stockholders' equity ending balance (in shares) at Mar. 31, 2024				9,786,178
Stockholders equity, ending balance at Mar. 31, 2024	$ (46,842)			$ 1		327,401		0	(348)	(373,896)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2024	13,025,627			13,025,627
Stockholders' equity, beginning balance at Dec. 31, 2024	$ (55,754)			$ 1		334,330		0	(348)	(389,737)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	543					543
Issuance of shares in connection with Equity Interest Payment Agreement (in shares)					752,742
Issuance of shares in connection with Securities Purchase Agreement and Issuance of shares, net of issuance costs			$ 1,370				$ 1,370
Restricted shares award issuance (in shares)				303,549
Issuance of shares in connection with Debt Exchange Agreements (in shares)				643,456
Issuance of shares in connection with Debt Exchange Agreements	815					815
Reclassification of foreign currency translation adjustment realized upon liquidation of foreign subsidiary	348								348
Foreign currency translation adjustment	0
Net loss	$ (5,564)									(5,564)
Stockholders' equity ending balance (in shares) at Mar. 31, 2025	14,725,374			14,725,374
Stockholders equity, ending balance at Mar. 31, 2025	$ (58,242)			$ 1		$ 337,058		$ 0	$ 0	$ (395,301)

PROPERTY AND EQUIPMENT - Narrative (Details) $ in Thousands		3 Months Ended
PROPERTY AND EQUIPMENT - Narrative (Details) $ in Thousands	Apr. 10, 2024 USD ($) a	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Apr. 10, 2024 ft²
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 3,100	$ 3,200
Area of land acquired (in acres) \| a	12
Warehouse space acquired (in square feet)	73,000			73,000
Payments to acquire land	$ 1,450
Loss on sale of assets		137	0
Impairment of long-lived assets		0	$ 169
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment sold		800
Proceeds from sale of property, plant and equipment		700
Loss on sale of assets		$ 100

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent events have been evaluated through May 15, 2025, the date at which the condensed consolidated financial statements were available to be issued, and the Company has concluded that no such events or transactions took place that would require disclosure herein except as stated directly below. Exchange Agreements From April 1, 2025 through the date of this filing, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 599,000 shares of the Company's Class A common stock and agreed to pay $1.9 million in cash in exchange for $6.5 million aggregate principal amount of the Senior Notes. Equity Interest Payment On April 8, 2025, the Company issued an aggregate of 90,954 shares of the Company's Class A common stock to settle the interest payment obligation for the first quarter of 2025 in connection with the Equity Interest Payment Agreement, a related party transaction approved by the Board of Directors.

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Accumulated deficit	$ (395,301)		$ (389,737)
Property and equipment purchases in accounts payable	34	$ 224
Common stock issued in exchange for reduction in debt	815	0
Shares issued to settle extension fees for stand-by letters of credit	1,370	0
Cash paid for interest	1,434	1,534
Cumulative Translation Adjustment
Cash and Cash Equivalents [Line Items]
Accumulated deficit	$ 0	$ 22

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

CONCENTRATIONS (Details)	3 Months Ended
CONCENTRATIONS (Details)	Mar. 31, 2025	Mar. 31, 2024
Concentration Risk [Line Items]
Termination notice period	6 months
Cryptocurrency mining
Concentration Risk [Line Items]
Revenue from contract with customer, term	1 day
Sales Revenue Net \| Customer Concentration Risk \| Data Center Customer One
Concentration Risk [Line Items]
Concentration risk percentage	30.00%	47.00%
Sales Revenue Net \| Customer Concentration Risk \| Operator Customer One
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	36.00%
Sales Revenue Net \| Customer Concentration Risk \| One Major Customer
Concentration Risk [Line Items]
Concentration risk percentage	48.00%	16.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| One Major Provider Of Hosting Services
Concentration Risk [Line Items]
Concentration risk percentage	0.00%	23.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| One Major Vendor
Concentration Risk [Line Items]
Concentration risk percentage	56.00%	45.00%

ASSETS HELD FOR SALE	3 Months Ended
ASSETS HELD FOR SALE	Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE On November 27, 2024, the Company entered into a definitive agreement to sell the South Carolina Land to Data Journey LLC ("Data Journey") for $12.1 million in cash and an 8% profit participation in the property's planned data center. The Company expects the sale to close in 2025. The South Carolina land, with a carrying value of $7.2 million, is presented as long-term assets held for sale as of March 31, 2025 and December 31, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Presentation of Condensed Consolidated Financial Statements	Presentation of Condensed Consolidated Financial Statements In the opinion of Greenidge management, the accompanying condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented and such adjustments are of a normal recurring nature. The results for the unaudited interim condensed consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2025 or for any future interim period. The unaudited interim condensed consolidated financial statements do not include all of the information and notes required by United States Generally Accepted Accounting Principles for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of the Company in its 2024 Annual Report on Form 10-K. Liquidity In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements – Going Concern, the Company’s management evaluated whether there are conditions or events that pose risk associated with the Company's ability to continue as a going concern within one year after the date these financial statements have been issued. The Company’s consolidated financial statements have been prepared assuming that it will continue as a going concern. The Company has historically incurred operating losses and negative cash flows from operations. These losses were primarily the result of challenging bitcoin mining economics beginning in 2022, driven by increased energy prices and a significant decline in bitcoin prices. While the recovery in bitcoin prices and a reduction in energy costs have since improved mining economics, these gains have been partially offset by increased mining difficulty and by the April 19, 2024 halving, which reduced miner rewards. The existence of these factors beginning in 2022 raised substantial doubt about the Company’s ability to continue as a going concern. However, the Company believes this substantial doubt is alleviated by management’s plans, which include relying on existing cash and cash equivalents, together with digital assets, cash generated from operations and the proceeds from the pending sale of the remaining 152 acres in Spartanburg, South Carolina (the "South Carolina Land") owned by us, to fund its operations and satisfy its current obligations through the next 12 months. Management has taken certain actions since 2022 to improve the Company’s liquidity, including, among other things, the sale of assets, the proceeds of which were used to extinguish $80.3 million of debt, and significant restructuring activities to materially reduce selling, general and administrative expenses. On November 27, 2024, the Company 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. The closing of the sale is in process and expected to close in 2025. However, the Company’s projected operating cash flows are not sufficient in the long-term to meet the existing long-term debt obligations. The Company is considering various items to address the long-term debt obligations, including the retirement or purchase of its 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 the Company 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. During the year ended December 31, 2024, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 692,433 shares of the Company’s Class A common stock, in exchange for $3.7 million aggregate principal amount of its 8.50% Senior Notes due October 2026 (the "Senior Notes"). During the first quarter of 2025, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 643,456 shares of the Company's Class A common stock in exchange for $1.8 million aggregate principal amount of its Senior Notes. From April 1, 2025 through the date of this filing, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 599,000 shares of the Company's Class A common stock and agreed to pay $1.9 million in cash in exchange for $6.5 million aggregate principal amount of the Senior Notes. The Company’s operating cash flows are highly dependent on bitcoin mining economics commonly measured by hashprice. Increases in the price of bitcoin benefit the Company by increasing the amount of revenue earned for each bitcoin earned. Increases in the difficulty to mine a bitcoin adversely affect the Company by decreasing the number of bitcoin earned. Increases in the costs of electricity, natural gas, and emissions credits adversely affect the Company by increasing operating costs. Depending on the Company’s 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 sale of the South Carolina Land classified as held for sale and any inability to close on a sale of that facility will further adversely impact the Company’s liquidity projections. Additionally, the inability to procure and comply with the permits and licenses required to operate the Company’s facilities, including the Title V Air Permit for the New York Facility, which is subject to ongoing litigation (see Note 10), may have an adverse impact on its ability to meet cash flow forecasts. While the Company believes it will be successful in its efforts to improve liquidity, which will allow it to meet its financial commitments for at least the next 12 months, there can be no assurance that these efforts will be successful.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year's presentation.
Leases	Leases The Company accounts for leases in accordance with ASC 842. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use ("ROU") asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date and is subsequently measured at amortized cost using the effective interest method. As the rate implicit in the lease is not readily available, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company leases property for its corporate office and a land used in cryptocurrency mining operations. Leases are categorized into two asset classes: corporate real estate and land - cryptocurrency mining. For the corporate real estate asset class, the Company has elected to combine lease and non-lease components. The Company excluded short-term leases having initial terms of 12 months or less as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. Lease payments included in the measurement of the lease liability comprise fixed payments. Variable lease payment amounts, such as increases in lease payments based on changes in usage, are not included in the measurement of the ROU asset or lease liability and are expensed as incurred. See Note 10, "Commitments and Contingencies" for additional information.
Recent Accounting Pronouncements, Not Yet Adopted and Recent Accounting Pronouncements, Adopted	Recent Accounting Pronouncements, Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosures of certain costs and expenses specified in the updated guidance to provide enhanced transparency into aggregate amounts presented on the Consolidated Statements of Operations and Comprehensive Loss. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. This guidance becomes effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact on its disclosures. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted as an induced conversion. This guidance becomes effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company expects this guidance will have no impact to its Consolidated Financial Statements. Recent Accounting Pronouncements, Adopted In March 2025, the FASB issued ASU No. 2025-02, Liabilities (Subtopic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122, which amends the Accounting Standards Codification to remove the text of SEC Staff Bulletin ("SAB") 121: Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and has not had an impact on the Company’s financial statements.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss	$ (5,564)	$ (3,944)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

LOSS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

LOSS PER SHARE

The Company calculates basic net loss per share by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share is computed by assuming the exercise, settlement, and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method.

The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted net loss per share of common stock (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator


Net loss	$	(5,564)	$	(3,944)
Denominator
Basic weighted average shares outstanding	13,938		9,494
Effect of dilutive securities	—		—

Diluted weighted average shares outstanding	13,938		9,494

Net loss per share, basic and diluted:


Net loss per share, basic and diluted	$	(0.40)	$	(0.42)

For the three months ended March 31, 2025 and 2024, because the Company was in a loss position, basic net loss per share is the same as diluted net loss per share, as the inclusion of the potential common shares would have been anti-dilutive.


Anti-dilutive securities	March 31, 2025	March 31, 2024
Restricted stock units	186	132
Common shares issuable upon exercise of stock options	478	458
Common shares issuable upon exercise of warrants	1,261	2,251
Total	1,925	2,841

PROPERTY AND EQUIPMENT - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 54,747	$ 54,762
Less: Accumulated depreciation	(27,594)	(24,463)
Property and equipment, net	$ 27,153	30,299
Plant infrastructure
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Property and equipment, gross	$ 1,522	1,522
Miners
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Property and equipment, gross	$ 37,605	36,182
Miner facility infrastructure
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Property and equipment, gross	$ 13,295	13,227
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,952	1,952
Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Property and equipment, gross	$ 45	45
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 328	$ 1,834

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate as a percentage	0.00%	0.00%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical)	12 Months Ended
	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Accounting standards update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

CONCENTRATIONS	3 Months Ended
CONCENTRATIONS	Mar. 31, 2025
Risks and Uncertainties [Abstract]
CONCENTRATIONS	CONCENTRATIONS The Company has a single hosting customer that accounted for 30% and 47% of the Company’s revenue during the three months ended March 31, 2025 and 2024, respectively. The single hosting customer has the option to terminate the hosting agreement with 6 months' notice. For the Company’s self-mining operations, Greenidge considers its mining pool operators to be its customers. Greenidge has historically used a limited number of pool operators that have operated under contracts with a one-day term, which allows Greenidge the option to change pool operators at any time. Revenue from the Company’s pool operator customer accounted for approximately 22% and 36% of total revenue for the three months ended March 31, 2025 and 2024, respectively. The Company has one major power customer, NYISO, that accounted for 48% and 16% of its revenue for the three months ended March 31, 2025 and 2024, respectively. The Company has one natural gas vendor that accounted for approximately 56% and 45% of cost of revenue for the three months ended March 31, 2025 and 2024, respectively. The Company previously had one major provider of hosting services for its self-mining operation that accounted for approximately 0% and 23% of cost of revenue for the three months ended March 31, 2025 and 2024, respectively. During the year ended December 31, 2024, the contract with the Company’s major provider of hosting services for its self-mining operation was terminated. As a result, the Company deployed the miners operated at the host’s site to sites they operate as part of its self-mining operations.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents, including restricted cash	$ 4,879	$ 8,619
Digital assets	8,405	6,950
Accounts receivable	423	1,493
Prepaid expenses and current other assets	2,061	2,617
Emissions and carbon offset credits	4,748	7,124
Total current assets	20,516	26,803
LONG-TERM ASSETS:
Property and equipment, net	27,153	30,299
Other long-term assets	1,861	569
Long-term assets held for sale	7,184	7,184
Total assets	56,714	64,855
CURRENT LIABILITIES:
Accounts payable	3,514	3,850
Accrued emissions expense	7,166	8,668
Accrued expenses	3,526	4,232
Short-term environmental liability	250	250
Contract liability	0	2,339
Total current liabilities	14,591	19,339
LONG-TERM LIABILITIES:
Long-term debt, net of deferred financing fees	67,170	68,068
Environmental liabilities	30,432	30,432
Other long-term liabilities	2,763	2,770
Total liabilities	114,956	120,609
COMMITMENTS AND CONTINGENCIES (NOTE 10)
STOCKHOLDERS' DEFICIT:
Preferred stock, par value $0.0001, 20,000,000 shares authorized, none outstanding	0	0
Common stock, par value $0.0001, 500,000,000 shares authorized, 14,725,374 and 13,025,627 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	1	1
Additional paid-in capital	337,058	334,330
Cumulative translation adjustment	0	(348)
Accumulated deficit	(395,301)	(389,737)
Total stockholders' deficit	(58,242)	(55,754)
Total liabilities and stockholders' deficit	56,714	64,855
Related Party
CURRENT LIABILITIES:
Other short-term liabilities	$ 135	$ 0

STOCKHOLDERS' DEFICIT (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes information about warrants outstanding at March 31, 2025:


	Number of Warrants Outstanding	Number of Warrants Exercisable	Exercise Price		Expiration Date
February 2024 Warrants	1,260,505	1,260,505	$	5.25	August 14, 2029

EQUITY BASED COMPENSATION - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2024 shares	Apr. 30, 2023 shares	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Oct. 31, 2022 shares	Feb. 28, 2021 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Conversion ratio on shares removed for issuance		2
Stock-based compensation expense \| $			$ 0.5	$ 1.1
Common Class A
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Number of shares registered (in shares) \| shares					307,684
2021 Equity Plan
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Common stock reserved for issuance (in shares) \| shares	1,583,111	883,111				383,111
Number of additional shares authorized (in shares) \| shares	700,000	500,000
RSAs & RSUs
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Unrecognized compensation cost \| $			$ 0.3
Unrecognized compensation cost, period for recognition			1 year 4 months 6 days
RSAs & RSUs \| 2021 Equity Plan
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Vesting period			2 years
Common shares issuable upon exercise of stock options
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Unrecognized compensation cost \| $			$ 0.6
Unrecognized compensation cost, period for recognition			1 year 1 month 9 days

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
OPERATING ACTIVITIES FROM OPERATIONS:
Net loss	$ (5,564)	$ (3,944)
Adjustments to reconcile net loss from operations to net cash flow from operating activities:
Depreciation	3,131	3,234
Change in fair value of warrant asset	0	420
Amortization of debt issuance costs	(83)	261
Impairment of long-lived assets	0	169
Loss on sale of assets	137	0
Stock-based compensation expense	543	1,070
Revenues from digital assets production	(4,226)	(6,999)
Proceeds from sale of digital assets	0	7,104
Loss (gain) on digital assets	(988)	59
Gain on insurance proceeds	(399)	0
Loss on liquidation of subsidiary	348	0
Changes in operating assets and liabilities:
Accounts receivable	1,070	(216)
Emissions and carbon offset credits	2,376	(6,258)
Prepaids and other assets	556	626
Accounts payable	(262)	(317)
Accrued emissions	(1,502)	1,736
Accrued expenses	(707)	(1,850)
Contract liabilities	(2,339)	0
Other long-term liabilities	1,505	0
Other	(1,298)	(38)
Net cash flow used for operating activities	(5,726)	(5,061)
INVESTING ACTIVITIES FROM OPERATIONS:
Purchases of and deposits for property and equipment	(902)	(1,332)
Proceeds from sale of assets	706	380
Proceeds from insurance claim	399	0
Proceeds from sale of digital assets	1,783	0
Net cash flow provided by (used for) investing activities	1,986	(952)
FINANCING ACTIVITIES FROM OPERATIONS:
Proceeds from issuance of common stock, net of issuance costs	0	1,038
Proceeds from issuance of common stock and pre-funded warrants	0	6,000
Net cash flow provided by financing activities	0	7,038
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,740)	1,025
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of year	8,619	13,312
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - end of period	$ 4,879	$ 14,337

EQUITY BASED COMPENSATION - Common Stock Options (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Exercisable, weighted average remaining contractual life as of end of period	7 years 5 months 12 days
Outstanding, aggregate intrinsic value as of end of period \| $	$ 0
Common shares issuable upon exercise of stock options
Options
Outstanding, beginning balance (in shares) \| shares	482,492
Expired (in shares) \| shares	(4,138)
Outstanding, ending balance (in shares) \| shares	478,354
Exercisable as of end of period (in shares) \| shares	331,178
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share) \| $ / shares	$ 15.75
Weighted average exercise price per share, expired (in dollars per share) \| $ / shares	62.50
Weighted average exercise price per share, ending balance (in dollars per share) \| $ / shares	15.34
Exercisable as of end of period (in dollars per share) \| $ / shares	$ 18.53
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual life as of end of period	7 years 8 months 8 days
Exercisable, aggregate intrinsic value, as of end of period \| $	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions			1 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	Nov. 27, 2024 USD ($)	Sep. 24, 2024 shares	May 15, 2025 USD ($) shares	Mar. 31, 2025 USD ($) a shares	Dec. 31, 2024 USD ($) shares	May 13, 2025 shares	Mar. 31, 2025 a shares
Debt Instrument [Line Items]
Extinguishment of debt				$ 80.3
Discontinued Operations, Disposed of by Sale \| South Carolina Datacenter
Debt Instrument [Line Items]
Cash received from disposal	$ 12.1
Disposal group, including discontinued operation, consideration from sale, profit participation percentage	8.00%
Discontinued Operations, Held-for-sale \| South Carolina Datacenter \| Scenario, Plan
Debt Instrument [Line Items]
Area of land sold (in acres) \| a				152			152
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt exchanged					$ 3.7
Interest Rate				8.50%	8.50%		8.50%
Debt Exchange Agreements
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares) \| shares					692,433
Common Stock Purchase Agreement
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares) \| shares		7,300,000		0			1,595,855
Exchange Agreement
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares) \| shares				643,456
Subsequent Event \| Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt exchanged			$ 1.8
Subsequent Event \| Debt Exchange Agreements
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares) \| shares						643,456
Subsequent Event \| Exchange Agreement \| Senior Notes
Debt Instrument [Line Items]
Number of shares issued in transaction (in shares) \| shares			599,000
Subsequent Event \| Exchange Agreement \| Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt exchanged			$ 6.5
Cash			$ 1.9

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following at March 31, 2025 and December 31, 2024:


$ in thousands	Estimated Useful Lives	March 31, 2025		December 31, 2024
Plant infrastructure	10 years	$	1,522	$	1,522
Miners	3 years	37,605		36,182
Miner facility infrastructure	10 years	13,295		13,227
Land	N/A	1,952		1,952
Equipment	5 years	45		45


Construction in process	N/A	328		1,834

		54,747		54,762
Less: Accumulated depreciation		(27,594)		(24,463)
		$	27,153	$	30,299

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company may be involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in such matters may arise and harm the Company’s business. Except as otherwise disclosed in this Note 10, "Commitments and Contingencies—Legal Matters", including, without limitation, the subsection titled "Title V Air Permit Renewal Litigation," the Company is currently not aware of any such legal proceedings or claims that it believes will have a material adverse effect on its business, financial condition, or operating results. Title V Air Permit Renewal Litigation In late June 2022, the New York State Department of Environmental Conservation ("NYSDEC") announced its denial of the Title V Air Permit renewal for the Company's New York Facility. The Company filed a notice with NYSDEC in July 2022 requesting a hearing on NYSDEC’s decision. In September 2023, the administrative law judge presiding over the hearing issued a ruling (the "Issues Ruling") with respect to the status of the parties and certain issues to be adjudicated in the hearing. The Company submitted an interim appeal with NYSDEC thereafter challenging such ruling with a motion to stay the broader appeals process while the interim appeal was being resolved. On May 8, 2024, the Company's interim appeal to NYSDEC and request for an adjudicatory hearing were ultimately denied, and the June 2022 non-renewal of the Company's Title V Air Permit was affirmed by NYSDEC’s Regional Director for Region 7 (the "Regional Director"), which rendered NYSDEC’s decision final for purposes of seeking judicial review. On August 15, 2024, the Company filed a verified petition and complaint pursuant to Article 78 of the New York Civil Practice Law and Rules against NYSDEC in New York Supreme Court, Yates County (the "Court"), seeking declaratory and injunctive relief relating to NYSDEC's denial of the Company's renewal application for the New York Facility, including, among other things, to (i) annul NYSDEC's June 2022 denial of the Company's renewal application and the May 8, 2024 affirmation of such denial by the Regional Director; (ii) issue certain declaratory judgments with respect to NYSDEC's interpretation of the New York Climate Leadership and Community Protection Act on which the denial of the Company's renewal application was predicated; and (iii) enjoin NYSDEC from taking any action to request that the New York Facility cease operations. On August 20, 2024, the Company submitted a motion to the Court by Order to Show Cause seeking a temporary restraining and preliminary injunction (the “TRO Request”) permitting the New York Facility to continue operations during the pendency of the Article 78 proceeding. Subsequent to submission of the TRO Request, Greenidge and NYSDEC agreed to a briefing schedule with the respect to the TRO Request, with a hearing before the Court which occurred in late October 2024. In connection with the agreed-upon briefing schedule, NYSDEC agreed that Greenidge need not (i) cease operations of any air contamination sources located at the New York Facility, (ii) render such air contamination sources inoperable, or (iii) relinquish the Title V Air Permit until November 1, 2024 (the "November 1 Stay"). On October 29, 2024, a hearing was held before the Court and a stipulation on the record was entered into between the Company and NYSDEC, agreeing to extend the November 1 Stay through November 14, 2024 (the “November 14 Stay”). On November 14, 2024, the Court issued a decision (the “November 14 Decision”) on the Article 78 proceeding (i) annulling the denial of the Renewal Application and NYSDEC’s order to shut down the New York Facility; (ii) finding that, in utilizing its authority to issue the denial of the Renewal Application, NYSDEC acted in a manner that was both affected by errors of law and arbitrary and capricious; and (iii) remanding the matter to NYSDEC for further proceedings consistent with the November 14 Decision. On December 13, 2024, the Company filed a notice of appeal with the Appellate Division of the Supreme Court of the State of New York, Fourth Judicial Department (the “Fourth Department”), appealing the November 14 Decision to the extent that the Court: (i) erred in holding that NYSDEC had the authority to deny the Renewal Application pursuant to Section 7(2) of the CLCPA and Part 621 of Title 6 of the New York Code of Rules & Regulations; (ii) failed to define the term “statement of justification” or declare the scope of analysis required by that Section 7(2) requirement, which definition and scope was a critical component of Greenidge’s Article 78 challenge of NYSDEC’s Final Decision, and was included in Greenidge’s request for declaratory judgment; (iii) erred in holding that the analytical framework required by Section 7(2) of the CLCPA can be compartmentalized, such that NYSDEC need not even consider mitigation proposals with respect to its inconsistency analysis or as to the purported “justification” element of the CLCPA; and (iv) erred in finding that NYSDEC’s determination, that approving the Renewal Application would be inconsistent with the CLCPA, was rational. Prior to that time, on December 9, 2024, the Administrative Law Judge (“ALJ”) assigned to the Greenidge administrative proceedings before NYSDEC’s Office of Hearings and Mediation Services (“OHMS”) notified the parties of its intent to hold a status conference given the Court’s remittance of the matter back to the Department., which was held on December 16, 2024. On December 19, 2024, the Company submitted a motion by Order to Show Cause to the Court requesting a stay of NYSDEC’s administrating proceedings with respect to the Renewal Application, which was denied on January 24, 2025. On January 27, 2025, the Company submitted a motion by Order to Show Cause to the Fourth Department requesting a stay of NYSDEC’s administrating proceedings with respect to the Renewal Application, which motion was denied on February 24, 2025. On February 7, 2025, the Company submitted a renewed appeal (the "Renewed Appeal") of the Issues Ruling to NYSDEC’s Commissioner, and further appealed the ALJ’s determination that the Renewal Application must proceed to an adjudicatory hearing rather than revert back to NYSDEC Staff. On March 31, 2025, the Regional Director issued an interim decision with respect to the Renewed Appeal (i) affirming the full party status of each of Seneca Lake Guardian, The Committee to Preserve the Finger Lakes, Fossil Free Tompkins and Sierra Club-Atlantic Chapter and (ii) remanding the Renewal Application to OHMS for the purpose of holding an adjudicatory hearing with respect to the nature and extent of the required statement of justification, as well as the extent and type of mitigation measures, each as required by Section 7(2) of the CLCPA, which hearing is expected to commence on June 9, 2025 solely on the issue of justification. Hearing dates for the remaining adjudicable issues have not yet been set. The legal and administrative challenges with respect to the Renewal Application have, and will continue, to cause the Company to incur additional costs and result in the diversion of management attention, which could adversely affect the Company's business, financial condition and results of operations. The Company expects that the judicial and administrative proceedings related to the challenge of NYSDEC’s denial of the Company's Title V Air Permit renewal application may take a number of years to fully resolve, and there can be no assurance that the Company's efforts will be successful. The Company's inability to succeed in securing a renewal of the Company's Title V Air Permit for the New York Facility could have a material adverse effect on the Company's business, financial condition, and operating results, and its ability to meet its long-term debt obligations. See Note 2, “Summary of Significant Accounting Policies,” in the Notes to Condensed Consolidated Financial Statements. Environmental Liabilities The Company has a coal combustion residual ("CCR") liability associated with the closure of a coal ash pond located on the Company’s property in Torrey, New York. In accordance with ASC 410-30, the Company has a liability of $17.3 million as of March 31, 2025 and December 31, 2024. CCRs are subject to federal and state requirements. In October 2023, the Company completed the necessary steps to officially cease use of the coal ash pond. Following this occurring, the Company is required to complete the remediation of the coal ash pond CCR by November 2028 and will perform the work in stages over the next four years. Estimates are based on 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 changes in remediation requirements regarding CCRs, which may lead to material changes in estimates and assumptions. The Company owns and operates a fully permitted landfill that also acts as a leachate treatment facility. In accordance with ASC 410-30, Environmental Obligations ("ASC 410-30"), the Company has recorded an environmental liability of $13.4 million as of March 31, 2025 and December 31, 2024. As required by NYSDEC, companies with landfills are required to fund a trust to cover closure costs and expenses after the landfill has stopped operating or, in lieu of a trust, may negotiate to maintain a letter of credit guaranteeing the payment of the liability. Estimates are based on 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 estimates and assumptions. The liability has been determined based on estimated costs to remediate as well as post-closure costs which are assumed over an approximate 30-year period and assumes an annual inflation rate of 2.3%. The Company deposited $1.3 million into a trust during the first quarter in connection with the environmental liabilities, which is presented in other long-term assets in the consolidated balance sheet. Commitments The Company entered into a contract with Empire Pipeline Incorporated in September 2020 which provides for the transportation to its pipeline of 15,000 dekatherms of natural gas per day, approximately $0.2 million per month. The contract ends in September 2030 and may be terminated by either party with 12 months’ notice after the initial 10-year period. In January 2024, the Company entered into a five-year capacity lease agreement, which provides the Company with 7.5 MW of self-mining capacity. The Company began mining in April 2024. During the three months ended March 31, 2025, the Company recognized $1.0 million of variable costs in connection with the capacity lease agreement, which is included within Cost of revenue - cryptocurrency mining (exclusive of depreciation) in the consolidated statements of operations and comprehensive loss. There was no variable lease cost in connection with the capacity lease agreement during the three months ended March 31, 2024. Effective March 31, 2025, the Company concluded that the portion of the contract consideration became fixed. As such, the Company re-assessed and re-allocated consideration in the contract to separate lease components and the non-lease components using relative standalone prices. The Company concluded that the portion of the contract consideration allocated to the lease component was de minimis and therefore no right-of-use asset and lease liability were recorded in the consolidated balance sheets. In June 2024, the Company entered into an operating lease, which has a term of five years. The Company recorded a right-of-use asset and lease liability of $0.2 million, which are included in Other long-term assets and Other long-term liabilities, respectively, upon commencement in August 2024.

STOCKHOLDERS' DEFICIT

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' DEFICIT

STOCKHOLDERS’ DEFICIT

Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC

On July 30, 2024, Greenidge entered into a common stock purchase agreement (the "Common Stock Purchase Agreement") with B. Riley Principal Capital II, LLC ("B. Riley Principal II"), an affiliate of B. Riley Principal. Pursuant to the Common Stock Purchase Agreement, Greenidge has the right to sell to B. Riley Principal II up to $20 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Common Stock Purchase Agreement, from time to time over the 36-month period commencing September 24, 2024.

In connection with the Common Stock Purchase Agreement, Greenidge entered into a registration rights agreement with B. Riley Principal II, pursuant to which Greenidge agreed to prepare and file a registration statement registering the resale by B. Riley Principal II of those shares of Greenidge's Class A common stock to be issued under the Common Stock Purchase Agreement. The registration statement became effective on September 24, 2024 (the "Effective Date"), relating to the resale of 7,300,000 shares of Greenidge's Class A common stock in connection with the Common Stock Purchase Agreement.

From the Effective Date through March 31, 2025, Greenidge issued 1,595,855 shares under the Common Stock Purchase Agreement for net proceeds of $4.3 million, of which no shares were issued during the three months ended March 31, 2025.

At The Market Issuance Sales Agreement with B. Riley Securities

On September 19, 2022, as amended on October 3, 2022, Greenidge entered into an At Market Issuance Sales Agreement (the "ATM Agreement") with B. Riley Securities, Inc. ("B. Riley") and Northland Securities, Inc., relating to shares of Greenidge’s Class A common stock. Under the ATM Agreement, B. Riley will use its commercially reasonable efforts to sell on Greenidge’s behalf the shares of Greenidge’s Class A common stock requested to be sold by Greenidge, consistent with B. Riley’s normal trading and sales practices, under the terms and subject to the conditions set forth in the ATM Agreement. Greenidge has the discretion, subject to market demand, to vary the timing, prices and number of shares sold in accordance with the ATM Agreement. B. Riley may sell the Company’s Class A common stock by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act. Greenidge pays B. Riley commissions for its services in acting as sales agent, in an amount to up to 3.0% of the gross proceeds of all Class A common stock sold through it as sales agent under the ATM Agreement. Pursuant to the registration statement filed registering shares to be sold in accordance with the terms of the ATM Agreement, Greenidge may offer and sell shares of its Class A common stock up to a maximum aggregate offering price of $22,800,000.

From October 1, 2022 through March 31, 2025, Greenidge issued 4,167,463 shares under the ATM Agreement for net proceeds of $20.7 million, of which no shares were issued during the three months ended March 31, 2025.

Armistice Capital Agreement

On February 12, 2024, the Company entered into a securities purchase agreement (the "Armistice SPA") with Armistice Capital Master Fund Ltd. ("Armistice"). Pursuant to the SPA, Armistice purchased (i) 450,300 shares (the “Shares”) of the Company’s Class A common stock, and (ii) a pre-funded Class A common stock purchase warrant (the “Pre-Funded Warrant”) for 810,205 shares of the Company’s Class A common stock (the “Pre-Funded Warrant Shares”). The per share purchase price of the Shares and the Pre-Funded Warrant Shares was $4.76, resulting in aggregate gross proceeds of $6.0 million, and after giving effect to the exercise price of $0.0001 per Pre-Funded Warrant Share, the Company received net proceeds of $6.0 million. The Pre-Funded Warrant, which had an initial exercise date of February 14, 2024, was exercised in full during the year ended December 31, 2024, which resulted in the issuance of 810,205 Class A shares of common stock. In addition, the Company issued to Armistice a five-year Class A common stock purchase warrant (the "Armistice Warrant") entitling Armistice, commencing on August 14, 2024, to acquire up to 1,260,505 shares of the Company’s Class A common stock from time to time at an exercise price of $5.25 per share (the “Warrant Shares”). The Warrant Shares remained unexercised as of March 31, 2025.

The Pre-Funded Warrant and Armistice Warrant were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The Company valued the Pre-Funded Warrant at issuance, concluding that its sale price approximated their fair value, and allocated the aggregate net proceeds from the sale proportionately to the Armistice Warrant and Pre-Funded Warrant,

including approximately $2.0 million allocated to the Pre-Funded Warrant and recorded as a component of additional paid-in capital. The Company valued the Armistice Warrant using the Black-Scholes-Merton option pricing model and recorded as a component of additional paid-in capital with an allocated amount of $2.8 million. By analogy to ASC 505-20-30-3, the Company would have recorded a charge to retained earnings, however, as the Company is in a deficit position it was recorded as a component of additional paid-in capital.

Warrants

There was no activity for warrants issued by the Company during the three months ended March 31, 2025.

The following table summarizes information about warrants outstanding at March 31, 2025:


	Number of Warrants Outstanding	Number of Warrants Exercisable	Exercise Price		Expiration Date
February 2024 Warrants	1,260,505	1,260,505	$	5.25	August 14, 2029

Debt Exchange Agreements

Equity Interest Payment Agreement

The Company entered into an Equity Interest Payment Agreement as of January 24, 2025, pursuant to which and as consideration for Atlas Holdings LLC's, our controlling shareholder and a related party (collectively with its affiliates, "Atlas"), continued credit support with respect to the letters of credit mentioned in Note 12, "Related Party Transactions," totaling $8.6 million, the Company shall pay interest at a rate of 8.5% per annum. The interest will be calculated on a per diem basis based on the number of days in the applicable measurement period, which interest payments shall be net of any interest otherwise actually received by Atlas from the issuing bank. Payments will be made by issuing Class A common stock to Atlas calculated using the volume weighted average price of Class A common stock as reported on the Nasdaq Global Select Market, with the total cumulative shares not to exceed 19.99% of the sum of the number of outstanding shares of Class A common stock and shares of Class B common stock as of January 24, 2025. In the event that the Class A common stock issuable under the Equity Interest Payment Agreement exceeds the aforementioned 19.99%, then subsequent payments will be made in cash for the amount in excess of 19.99%. In connection with the Equity Interest Payment Agreement, the Company agreed to pay, by issuing shares of its Class A common stock, a letter of credit extension payment as further consideration for Atlas to enter into the Equity Interest Payment Agreement and maintain the letters of credit. On January 29, 2025, the Company issued 752,742 shares of Class A common stock to settle the letter of credit extension payment. The aggregate fair value of the Class A common stock issued was $1.4 million, which was recognized as interest expense in the consolidated statement of operations and comprehensive loss.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
REVENUE:
Total revenue	$ 19,242	$ 19,333
OPERATING COSTS AND EXPENSES:
Selling, general and administrative	2,776	5,393
Depreciation	3,131	3,234
Impairment of long-lived assets	0	169
Loss (gain) on digital assets	988	(59)
Loss on sale of assets	137	0
Gain on insurance proceeds	(399)	0
Total operating costs and expenses	21,631	21,055
Operating loss	(2,389)	(1,722)
OTHER INCOME (EXPENSE), NET:
Interest expense, net	(2,855)	(1,802)
Change in fair value of warrant asset	0	(420)
Loss on liquidation of subsidiary	(348)	0
Other income, net	18	0
Total other expense, net	(3,185)	(2,222)
Loss from operations before income taxes	(5,574)	(3,944)
Benefit from income taxes	(10)	0
Net loss	(5,564)	(3,944)
Comprehensive Loss
Net loss	(5,564)	(3,944)
Foreign currency translation adjustment	0	(3)
Reclassification of foreign currency translation adjustment realized upon liquidation of foreign subsidiary	348	0
Comprehensive loss	$ (5,216)	$ (3,947)
Net loss per share, basic and diluted:
Net loss per share, basic (in dollars per share)	$ (0.40)	$ (0.42)
Net loss per share, diluted (in dollars per share)	$ (0.40)	$ (0.42)
Weighted average shares outstanding, basic (in shares)	13,938,000	9,494,000
Weighted average shares outstanding, diluted (in shares)	13,938,000	9,494,000
Datacenter hosting
REVENUE:
Total revenue	$ 5,829	$ 9,112
OPERATING COSTS AND EXPENSES:
Cost of revenue	6,191	7,018
Cryptocurrency mining
REVENUE:
Total revenue	4,226	6,999
OPERATING COSTS AND EXPENSES:
Cost of revenue	3,082	3,671
Power and capacity
REVENUE:
Total revenue	9,187	3,037
OPERATING COSTS AND EXPENSES:
Cost of revenue	5,725	1,546
EPCM consulting services
REVENUE:
Total revenue	0	185
OPERATING COSTS AND EXPENSES:
Cost of revenue	$ 0	$ 83

LOSS PER SHARE - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	1,925	2,841
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	186	132
Common shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	478	458
Common shares issuable upon exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	1,261	2,251

RELATED PARTY TRANSACTIONS (Details) $ in Thousands			3 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jan. 29, 2025 shares	Jan. 24, 2025 USD ($)	Mar. 31, 2025 USD ($) MW	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Apr. 10, 2024 a	Apr. 10, 2024 ft²
Related Party Transaction [Line Items]
Area of land acquired (in acres) \| a						12
Warehouse space acquired (in square feet)						73,000	73,000
Purchase price of land			$ 1,450
Power associated with acquired facility \| MW			32.5
Miners deployed to new facility \| MW			8.5
Interest expense			$ 1,400	$ 1,800
Debt Exchange Agreements
Related Party Transaction [Line Items]
Total cumulative shares, maximum percentage allowed for issue		19.99%
Interest expense			100
Common Class A \| Debt Exchange Agreements
Related Party Transaction [Line Items]
Issuance of shares in connection with Equity Interest Payment Agreement (in shares) \| shares	752,742
Stock issued during period, value, debt modification amendment fee			1,400
Letter of Credit \| Debt Exchange Agreements
Related Party Transaction [Line Items]
Interest rate		8.50%
Atlas Holdings LLC \| Debt Exchange Agreements
Related Party Transaction [Line Items]
Letters of credit outstanding		$ 8,600
NYSDEC \| Atlas Holdings LLC
Related Party Transaction [Line Items]
Letters of credit outstanding			5,000		$ 5,000
Empire Pipeline Incorporated \| Atlas Holdings LLC
Related Party Transaction [Line Items]
Letters of credit outstanding			$ 3,600		$ 3,600
Greenidge Generation Holdings Inc \| Atlas Holdings LLC And Affiliates
Related Party Transaction [Line Items]
Voting power of outstanding capital stock (as percent)			70.90%

DIGITAL ASSETS - Bitcoin Held (Details) $ in Thousands	Mar. 31, 2025 USD ($) bitcoin	Dec. 31, 2024 USD ($) bitcoin	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of bitcoin held \| bitcoin	101.8	74.5
Carrying basis of bitcoin	$ 8,684	$ 5,523
Fair Value of bitcoin	$ 8,405	$ 6,950	$ 323	$ 369

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION - Contract Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Contract With Customer, Liability [Roll Forward]
Balance as of December 31, 2024	$ 2,339
Revenue recognized	(2,339)
Deposits received	0
Balance as of March 31, 2025	$ 0

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Apr. 08, 2025	May 15, 2025	Mar. 31, 2025	Dec. 31, 2024
Senior Unsecured Notes \| Senior Notes
Subsequent Event [Line Items]
Debt exchanged				$ 3.7
Senior Unsecured Notes \| Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Debt exchanged		$ 1.8
Exchange Agreement
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			643,456
Exchange Agreement \| Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)		599,000
Exchange Agreement \| Senior Unsecured Notes \| Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Cash		$ 1.9
Debt exchanged		$ 6.5
Equity Interest Payment \| Subsequent Event
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)	90,954

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Greenidge Generation Holdings Inc., together with its subsidiaries (collectively, "Greenidge" or the "Company") owns and operates a vertically integrated cryptocurrency datacenter and power generation company. The Company owns and operates facilities in Torrey, New York (the "New York Facility") and Columbia, Mississippi (the "Mississippi Facility"), and operates a facility under a lease in Underwood, North Dakota (the "North Dakota Facility"). The Company generates revenue in U.S. dollars by providing hosting, power and technical support services to third-party owned bitcoin mining equipment and generates 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 the Company, which may be operated at the Company's sites or at third-party hosting sites through short-term hosting agreements. The Company also owns and operates a 106 megawatt ("MW") power facility that is connected to the New York Independent System Operator ("NYISO") power grid. In addition to the electricity used "behind the meter" by the New York datacenter, the Company sells electricity to NYISO at all times when its power plant is running and increases or decreases the amount of electricity sold based on prevailing prices in the wholesale electricity market and demand for electricity.

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company has one reportable segment. The Datacenter Operations segment primarily derives revenue through datacenter hosting, crypto-currency self-mining, and power and capacity sales. The Company's chief operating decision maker is collectively the Chief Executive Officer and the President. They assess the performance of the segment and decide how to allocate resources based on segment gross profit and net income. The metrics are used to evaluate the investment in the expansion of new datacenters or other uses such as the continued deleveraging of the Company. Gross profit and net income are used to monitor budget versus actual results.


	Three Months Ended March 31,
$ in thousands	2025		2024
Segment revenue	$	19,242	$	19,333
Less:
Natural gas expense	8,817		5,814
Electricity for mining expense	1,245		—
Emissions expense	2,465		1,736
Hosting fee expense	148		1,936
Other cost of revenue (a)	2,323		2,832
Segment gross profit	$	4,244	$	7,015

Selling, general and administrative	2,776		5,393
Depreciation	3,131		3,234

Impairment of long-lived assets	—		169
Loss (gain) on digital assets	988		(59)
Loss on sale of assets	137		—
Gain on insurance proceeds	(399)		—

Interest expense, net	2,855		1,802
Change in fair value of warrant asset	—		420
Loss on liquidation of subsidiary	348		—
Other income, net	(18)		—
Benefit from income taxes	(10)		—
Segment net loss	$	(5,564)	$	(3,944)

(a) Other cost of revenue primarily consists of labor and repairs and maintenance expenses

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

EQUITY BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY BASED COMPENSATION

In February 2021, Greenidge adopted an equity incentive plan and reserved 383,111 shares of Class A common stock for issuance under the plan (the “2021 Equity Plan”), applicable to employees and non-employee directors. In April 2023, the stockholders approved an amendment and restatement of the Company’s 2021 Equity Plan to increase the maximum aggregate number of shares of Class A common stock that may be issued for all purposes under the Plan by 500,000 shares of Class A common stock from 383,111 to 883,111 shares of Class A common stock and to remove the counting of shares of Class A common stock granted in connection with awards other than stock options and stock appreciation rights against the total number of shares available under the Plan as two shares of Class A common stock for every one share of Class A common stock granted in connection with such award. In November 2024, the stockholders approved an amendment and restatement of the 2021 Equity Plan to increase the maximum aggregate number of shares of Class A common stock that may be issued for all purposes under the 2021 Equity Plan by 700,000 shares of Class A common stock from 883,111 to 1,583,111 shares of Class A common stock. In October 2022, the Company registered 307,684 shares of Class A common stock, outside of the 2021 Equity Plan, that were reserved for issuance upon the vesting and exercise of non-qualified stock option inducement grants.

RSAs and RSUs

Restricted stock awards ("RSAs") and restricted stock units ("RSUs") are generally granted with an eligible vesting range from upon grant to over a two-year period.

The Company’s unvested RSA and RSU award activity for the three months ended March 31, 2025 is summarized below:


	RSAs & RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	131,347	$	3.31
Granted	357,803	$	0.86
Vested	(303,549)	$	1.30

Unvested at March 31, 2025	185,601	$	1.88

The value of RSA and RSU grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. At March 31, 2025, there was approximately $0.3 million of total unrecognized compensation cost related to unvested restricted stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.35 years.

Common Stock Options

The Company’s common stock options activity for the three months ended March 31, 2025 is summarized below:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	482,492	$	15.75



Expired	(4,138)	$	62.50
Outstanding at March 31, 2025	478,354	$	15.34	7.69	$	—
Exercisable as of March 31, 2025	331,178	$	18.53	7.45	$	—

The value of common stock option grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. At March 31, 2025, there was approximately $0.6 million of total unrecognized compensation cost related to unvested common stock options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.11 years.

Stock-Based Compensation

The Company recognized stock-based compensation expense of $0.5 million and $1.1 million during the three months ended March 31, 2025 and 2024, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

DIGITAL ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

DIGITAL ASSETS

The following table presents the Company's bitcoin holdings as of March 31, 2025 and December 31, 2024 (in thousands, except bitcoin held):


Digital assets holdings	March 31, 2025		December 31, 2024
Number of bitcoin held	101.8		74.5
Carrying basis of bitcoin	$	8,684	$	5,523
Fair Value of bitcoin	$	8,405	$	6,950

The carrying basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities.

The following table represents a reconciliation of the fair values of the Company's digital assets (in thousands):


Digital assets:	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Beginning balance at fair value	$	6,950	$	369
Additions	4,226		6,999
Dispositions	(1,783)		(7,104)
Gain (loss) on digital assets	(988)		59
Ending balance	$	8,405	$	323

The Company’s bitcoin holdings are not subject to contractual sale restrictions. As of March 31, 2025, the Company held no other digital assets.

EQUITY BASED COMPENSATION - RSAs and RSUs (Details) - RSAs & RSUs	3 Months Ended
	Mar. 31, 2025 $ / shares shares
RSAs & RSUs
Unvested, beginning balance (in shares) \| shares	131,347
Granted (in shares) \| shares	357,803
Vested (in shares) \| shares	(303,549)
Unvested, ending balance (in shares) \| shares	185,601
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 3.31
Granted (in dollars per share) \| $ / shares	0.86
Vested (in dollars per share) \| $ / shares	1.30
Unvested, ending balance (in dollars per share) \| $ / shares	$ 1.88