Vulcan Infrastructure & Power Reports 74% Revenue Decline and Increased Losses in Q2 2026

Vulcan Infrastructure & Power Inc. (formerly Greenidge Generation Holdings Inc.) reported a significant decline in financial performance for the second quarter of 2026, with total revenue falling to $3.4 million, a 74% decrease from $12.9 million in the same period last year. The company's net loss for the quarter was $9.9 million, compared to a loss of $4.1 million in the prior year, reflecting a 140% increase in losses. The decline in revenue was primarily driven by substantial decreases in datacenter hosting and cryptocurrency mining revenues, which fell by 94% and 60%, respectively, due to operational challenges and unfavorable market conditions.

In the first half of 2026, Vulcan's total revenue was $24.2 million, down 25% from $32.1 million in the same period of 2025. The company experienced a notable increase in power and capacity revenue, which rose by 70% to $20 million, attributed to higher average prices and sales volumes. However, this was offset by a 94% drop in datacenter hosting revenue and a 59% decline in cryptocurrency mining revenue, largely due to operational downtime and reduced mining capacity following the sale of a facility in Mississippi.

Operationally, Vulcan's datacenter operations included approximately 23,500 miners with a combined capacity of 2.7 EH/s. The company reported a significant reduction in the number of bitcoins produced, with total production dropping by 75% to 572 bitcoins in the first half of 2026. The average cost to mine one bitcoin increased to $124,583, compared to $68,693 in the previous year, reflecting rising operational costs and lower bitcoin prices. The company also noted a decrease in cash and cash equivalents, which fell to $3.2 million from $19.6 million at the end of 2025.

In terms of strategic developments, Vulcan is pursuing a transition to a power and infrastructure platform focused on artificial intelligence (AI) and high-performance computing (HPC) infrastructure. On July 19, 2026, the company announced a private investment in public equity (PIPE) transaction, expected to raise approximately $39.4 million, which will primarily be used to redeem outstanding senior notes. The PIPE transaction is subject to closing conditions, and as of the report date, it had not yet closed. The company believes that the completion of this transaction will enhance its liquidity and support its ongoing operational transition.

Looking ahead, Vulcan's management expressed optimism regarding the potential benefits of the PIPE transaction and its strategic shift towards AI and HPC infrastructure. However, the company acknowledged the challenges posed by market conditions, including fluctuating energy prices and bitcoin mining economics, which could impact future cash flows and operational performance. The company remains focused on improving its liquidity and operational efficiency to navigate these challenges effectively.