Greenidge Generation Holdings (GREE) Q4 2025 earnings summary

Executive summary

• Achieved net income of $5.3 million for 2025, a turnaround from a $19.8 million net loss in 2024, driven by gains on asset sales and debt restructuring.

• Total revenue was $58.8 million, down 1% year-over-year, with a shift in revenue mix toward power and capacity sales.

• Significant liquidity actions included asset sales in South Carolina and Mississippi, and multiple debt exchanges and repurchases, reducing outstanding senior notes from $68.5 million to $36.7 million.

• Management concluded there is substantial doubt about the ability to continue as a going concern due to upcoming debt maturities and insufficient projected cash flows.

Financial highlights

• Total revenue: $58.8 million (down 1% year-over-year).

• Net income: $5.3 million (vs. $19.8 million net loss in 2024).

• EBITDA: $20.7 million (up from $0.7 million in 2024); Adjusted EBITDA: $(2.7) million.

• Power and capacity revenue increased 108% to $22.1 million, while datacenter hosting and cryptocurrency mining revenues declined 28% and 20%, respectively.

• Cost of revenue (excluding depreciation) rose 21% to $49.8 million, mainly due to higher natural gas and emissions costs.

• Environmental liabilities totaled $31.0 million at year-end.

Outlook and guidance

• Cash flow projections indicate sufficient liquidity through Q3 2026, but not enough to meet October 2026 debt maturities.

• Management is pursuing further debt restructuring, asset sales, and potential equity or debt issuances to address liquidity needs.

• Growth strategy focuses on expanding AI and HPC datacenter infrastructure, leveraging existing power assets.