Greenidge Generation Reports $12.9 Million Revenue with Net Loss of $4.1 Million for Q2 2025

Greenidge Generation Holdings Inc. reported a total revenue of $12.9 million for the three months ended June 30, 2025, a slight decrease of 2% compared to $13.1 million in the same period last year. The company's revenue streams included $6.0 million from datacenter hosting, $4.2 million from cryptocurrency mining, and $2.6 million from power and capacity sales. Notably, power and capacity revenue saw a significant increase of 74% year-over-year, attributed to higher demand and pricing in the wholesale electricity market. However, both datacenter hosting and cryptocurrency mining revenues declined by 11% each, reflecting challenges in the bitcoin mining sector, including increased mining difficulty and the impact of the bitcoin halving event in April 2024.

In terms of profitability, Greenidge reported a net loss of $4.1 million for the second quarter of 2025, an improvement from a net loss of $5.6 million in the prior year. The operating loss also decreased to $3.4 million from $3.8 million, indicating a reduction in operational costs. Total operating expenses fell by 3% to $16.3 million, driven by a decrease in selling, general, and administrative expenses, which dropped by 27% to $3.1 million. This reduction was primarily due to lower insurance costs and decreased professional fees.

The company has been actively restructuring its operations and financial obligations. During the first half of 2025, Greenidge extinguished approximately 38.2% of its original $72.2 million in Senior Notes through a combination of cash payments and stock issuances. Additionally, on August 1, 2025, Greenidge entered into an Asset Purchase Agreement to sell its Mississippi Facility for $3.9 million, with the transaction expected to close by mid-September 2025. These strategic moves are part of the company's efforts to improve liquidity and manage its long-term debt obligations, which remain a concern as projected operating cash flows are insufficient to meet these commitments.

Operationally, Greenidge's datacenter operations included approximately 28,500 miners with a combined capacity of 3.2 EH/s. The company reported a total bitcoin production of 110 for the second quarter, a decrease of 50% compared to the previous year, largely due to increased mining difficulty. The average bitcoin price during this period was $98,830, reflecting a 50% increase year-over-year. The company continues to focus on optimizing its mining operations and exploring new datacenter sites to enhance its competitive position in the market.

Looking ahead, Greenidge's management expressed cautious optimism regarding its liquidity position, bolstered by expected proceeds from the sale of its Mississippi Facility and South Carolina Land. However, the company acknowledged the ongoing volatility in bitcoin prices and mining economics, which could significantly impact future performance. The management is committed to exploring various strategic alternatives to address its long-term debt obligations and ensure operational sustainability in the evolving cryptocurrency landscape.