Greenidge Generation Holdings (GREE) Q1 2026 earnings summary

Executive summary

• Revenue rose 8% year-over-year to $20.8 million, driven by a 103% increase in power and capacity sales, offsetting declines in datacenter hosting and cryptocurrency mining revenues.

• Net loss narrowed to $4.6 million from $5.6 million in the prior year, reflecting improved power market economics and lower interest expense.

• The company shifted focus toward power sales due to unfavorable bitcoin mining economics and aging hosted miner fleets.

• Strategic initiatives included extinguishing nearly half of the original Senior Notes and advancing AI/HPC datacenter development plans.

Financial highlights

• Power and capacity revenue surged to $18.7 million, up from $9.2 million year-over-year.

• Cryptocurrency mining revenue fell 57% to $1.8 million, and datacenter hosting revenue dropped 94% to $0.4 million.

• Operating loss increased to $4.6 million from $2.4 million, mainly due to higher cost of revenue and SG&A expenses.

• Adjusted EBITDA was negative $1.0 million, down from positive $1.0 million a year ago.

• Cash and cash equivalents stood at $7.1 million, with digital assets valued at $6.7 million as of March 31, 2026.

Outlook and guidance

• Management projects sufficient liquidity through Q3 2026 but not enough to meet October 2026 debt maturities, raising substantial doubt about going concern status.

• The company is exploring debt retirement, refinancing, and equity issuance to address upcoming obligations.

• Strategic focus is shifting toward AI/HPC datacenter opportunities and potential joint ventures or asset sales.