Wed, Aug 14, 9:26 PM (153 days ago)
For the quarter ending June 30, 2024, Greenidge Generation Holdings Inc. reported total revenue of $13,057,000, down 11% from $14,710,000 in the same period of 2023. The decline was primarily driven by a 31% decrease in datacenter hosting revenue, partially offset by a 20% increase in cryptocurrency mining revenue. Operating costs decreased by 22% to $16,757,000, resulting in an operating loss of $3,700,000, significantly improved from a loss of $6,637,000 year-over-year. Net loss narrowed to $5,568,000 compared to $10,042,000 in the prior year. Cash and cash equivalents at the end of the quarter were $10,259,000, with working capital of $3,200,000. The company continues to face liquidity challenges, exacerbated by rising bitcoin mining difficulty and the recent halving event, which reduced bitcoin rewards. Future operations may be impacted by ongoing environmental compliance costs and uncertainties surrounding regulatory approvals, particularly concerning the Title V Air Permit. The company is exploring various strategies to enhance liquidity, including equity issuances and potential asset sales.