Greenidge Generation Holdings (GREE) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was $12.9M, down 2% year-over-year, with a net loss of $4.1M, an improvement from a $5.6M loss in Q2 2024.

• Senior unsecured debt was reduced by 38.2% to $44.6M through exchanges and a public tender offer, which was oversubscribed by 100%.

• Power and capacity revenue rose 74% year-over-year, offsetting declines in datacenter hosting and cryptocurrency mining revenues.

• Appointed Charles M. Zeynel to the Board of Directors, adding expertise in sustainability and M&A.

• Sale of the Mississippi Facility for $3.9M is pending, with closing expected by September 16, 2025; South Carolina land sale for $12.1M expected by August 25, 2025.

Financial highlights

• Q2 2025 total revenue: $12.9M (down 2% YoY); six-month revenue: $32.1M (down 1% YoY).

• Q2 net loss: $4.1M (improved from $5.6M YoY); six-month net loss: $9.7M (slightly higher than $9.5M YoY).

• Adjusted EBITDA for Q2: $0.4M (vs. -$0.2M YoY); six-month Adjusted EBITDA: $1.4M (vs. $2.6M YoY).

• Ended the quarter with $3.4M in cash and $7.3M in digital assets.

• Bitcoin production totaled 110 BTC in the quarter.

Outlook and guidance

• Management expects existing cash, digital assets, operations, and asset sale proceeds to fund obligations for the next 12 months, but long-term debt obligations remain a concern.

• Plans to access 44 MW of additional low-cost power at the new Mississippi site by July 2026.

• Ongoing efforts to improve liquidity include asset sales, debt exchanges, and potential equity or debt transactions.

• Focused on further restructuring October 2026 senior unsecured debt at a significant discount.

• Exploring strategic alternatives, including purchasing additional miners and acquiring more sites.