Greenidge Generation Holdings Inc. reported a net income of $5.3 million for the fiscal year ending December 31, 2025, a significant turnaround from a net loss of $19.8 million in the previous year. Total revenue for the year was $58.8 million, a slight decrease of 1% from $59.5 million in 2024. The company attributed the revenue decline primarily to a 20% drop in cryptocurrency mining revenue, which fell to $15.2 million, driven by increased mining difficulty and lower bitcoin rewards following the halving event in April 2024. However, power and capacity revenue surged by 108% to $22.1 million, reflecting higher demand and prices in the wholesale power market.
In terms of operational metrics, Greenidge's datacenter operations included approximately 23,900 miners with a combined capacity of 2.7 EH/s. The company produced a total of 371 bitcoins during the year, a 61% decrease compared to 941 bitcoins in 2024. The average price of bitcoin increased by 54% year-over-year, which partially offset the impact of reduced production. The company also reported a significant increase in costs, with total cost of revenue rising by 21% to $49.8 million, primarily due to higher natural gas prices and increased emissions costs.
Strategically, Greenidge has made notable changes, including the sale of its 152-acre property in South Carolina for $18 million, which is expected to enhance liquidity. The company also sold certain assets from its Mississippi facility for $4.2 million. These transactions contributed to a gain of $10.5 million recognized from the South Carolina sale. Additionally, Greenidge has engaged in debt restructuring, repurchasing $15 million of its Senior Notes for $5.7 million in cash, which has helped improve its financial position.
Looking ahead, Greenidge is focused on expanding its operations to support artificial intelligence (AI) and high-performance computing (HPC) workloads, which it views as significant growth opportunities. The company is also working to secure additional power capacity and develop its existing properties to meet the increasing demand for datacenter infrastructure. However, management has expressed concerns about its ability to meet upcoming debt obligations, particularly the $36.7 million due on its Senior Notes in October 2026, indicating substantial doubt about the company's ability to continue as a going concern without successful execution of its strategic plans.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. develops and operates cryptocurrency datacenters focused on bitcoin mining and infrastructure. It owns power generation facilities, primarily natural gas plants, to supply low-cost, behind-the-meter electricity for mining and hosting services. The company offers power sales, bitcoin self-mining, and hosting solutions, leveraging vertical integration, proprietary technology, and strategic property acquisitions to compete in the evolving digital asset and energy markets.
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