Greenidge Generation Holdings Inc. reported a total revenue of $20.8 million for the first quarter of 2026, reflecting an 8% increase from $19.2 million in the same period of 2025. The revenue growth was primarily driven by a significant rise in power and capacity sales, which surged by 103% to $18.7 million, compared to $9.2 million a year earlier. However, the company experienced declines in both datacenter hosting and cryptocurrency mining revenues, which fell by 94% and 57%, respectively. The operating loss for the quarter was $4.6 million, an increase from a loss of $2.4 million in the prior year, attributed to higher operational costs and losses on digital assets.
In terms of operational metrics, Greenidge's datacenter operations included approximately 23,500 miners with a combined capacity of 2.7 EH/s. The company reported a decrease in the number of bitcoins produced, with total production dropping to 28 bitcoins in Q1 2026, down from 112 bitcoins in Q1 2025. The average bitcoin price also declined by 18%, further impacting revenue from cryptocurrency mining. The company’s cost to mine one bitcoin increased significantly to $135,083, compared to $68,489 in the previous year, reflecting the challenges posed by rising mining difficulty and lower bitcoin prices.
Strategically, Greenidge has been focusing on enhancing its liquidity and operational efficiency. The company has successfully extinguished approximately 48.8% of its original $72.2 million in Senior Notes due in October 2026, through various debt restructuring efforts, including exchanges for new notes and equity. As of March 31, 2026, Greenidge had cash and cash equivalents of $7.1 million, down from $19.6 million at the end of 2025, and digital assets valued at $6.7 million. The company is actively exploring options to address its debt obligations, including potential refinancing and asset sales.
Looking ahead, Greenidge is optimistic about its future growth prospects, particularly in the AI and high-performance computing (HPC) sectors. The company has received a proposed interconnection agreement for 60 MW of non-curtailable power at its New York facility, which is expected to support its transition towards AI/HPC datacenter operations. However, the company also acknowledges substantial doubt about its ability to continue as a going concern due to ongoing financial challenges and the need to meet upcoming debt obligations. Management is taking steps to improve liquidity and operational performance while navigating the volatile cryptocurrency market.
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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