Greenidge Generation Announces Preliminary Operating Results for Q3

Greenidge expects a net loss of approximately $30M driven by the merger with Support.com.
Greenidge Generation Announces Preliminary Operating Results for Q3

 In Brief:-

  • The company expects to report income in the range of $33M to $37M and Adjusted EBITDA from $18M to $22M.
  • Greenidge minted 729 bitcoin during Q3 
  • Greenidge expects a net loss of approximately $30M

Greenidge Generation Holdings, a power generation company, announces selected preliminary financial and operating results for 3 months ended Sept 30, 2021. 

According to the announcement Greenidge expect to report income in a range of $33M to $37M, net loss in a range of $19M  to $16M. Adjusted EBITDA in a range of $18M  to $22 million. 

The expected net loss is driven by approximately $30M  of charges with the merger with Support.com. Greenidge minted 729 bitcoin during the third quarter. On Sept 30, 2021, had around 15,300 miners in operation with 1.2 EH/s of combined capacity. The company finished the quarter with $52 million of money and fair market value of cryptocurrency holdings.

Greenidge Generation said it would be operating in a carbon-neutral crypto mining facility in Spartanburg, South Carolina. The company intends to locate a second fully carbon Neutral cryptocurrency mining operation in Spartanburg.

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