Greenidge Generation Reports Financial and Operating Results for the Second Quarter 2024
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced its financial and operating results for the second quarter of 2024, highlighting a number of key achievements and developments.
Financial Results
In the second quarter of 2024, Greenidge reported total revenue of $13.1 million, with a net loss from continuing operations of $5.5 million. The company also reported an EBITDA loss of $0.4 million and an adjusted EBITDA loss of $0.1 million.
Year to Date 2024 financial results showed total revenue of $32.4 million, with a net loss from continuing operations of $9.5 million. EBITDA was $0.6 million, while adjusted EBITDA reached $2.5 million.
Highlights and Future Outlook
Greenidge reported a significant reduction in SG&A expenses in 2024 compared to 2023, amounting to $6.4 million. The company retained 41 Bitcoin as of August 13, 2024 and expanded its power capacity by 100 MW.
Key developments included the launch of the Greenidge Pod X, a new self-mined bitcoin retention strategy, and the commencement of a GPU datacenter pilot program. The company also emphasized the importance of cost savings and operational efficiency in driving future growth and profitability.
CEO Statement
Greenidge CEO highlighted the efforts made in the first half of 2024 to strengthen the company’s foundation for future growth. The CEO expressed confidence in Greenidge’s ability to capitalize on opportunities and increase shareholder value through strategic decisions and operational improvements.
In conclusion, Greenidge Generation Holdings Inc. remains focused on its core business areas, including cryptocurrency mining, infrastructure development, and power generation, as it continues to navigate the evolving market landscape and pursue sustainable growth.
Investors: Nick Ratti, 315-536-2359, nratti@greenidge.com
Media: Longacre Square Partners, Kate Sylvester / Liz Shoemaker, 646-386-0091, greenidge@longacresquare.com
Source : www.morningstar.com