Greenidge Generation Holdings (GREE) Q2 2024 earnings summary

Executive summary

• Achieved $13.1 million in total revenue for Q2 2024 and $32.4 million year-to-date, with a net loss from continuing operations of $5.5 million for the quarter and $9.5 million year-to-date.

• Implemented significant SG&A reductions of $6.4 million in the first half of 2024 compared to 2023, supporting ongoing cost savings and operational efficiency.

• Expanded power capacity by 100 MW, secured new sites, and launched new offerings including Greenidge Pod X and a GPU datacenter pilot program.

Financial highlights

• Q2 2024 EBITDA loss was $0.4 million; adjusted EBITDA loss was $0.1 million.

• Year-to-date EBITDA was $0.6 million; adjusted EBITDA was $2.5 million.

• Q2 revenue breakdown: $4.8 million from self-mining, $6.6 million from hosting, $1.5 million from power and capacity.

• Ended Q2 with $10.3 million in cash and $69.2 million in debt at book value.

Outlook and guidance

• Expects a significant boost in earnings in subsequent quarters due to ongoing cost savings and new offerings.

• Management sees multiple paths to increase shareholder value and capitalize on new business lines.