Greenidge Generation Announces Preliminary Financial and Operating Results for the First Quarter 2024 and Release of Investor Presentation

Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced preliminary financial and operating results for the first quarter of 2024. The Company also highlighted CEO Jordan Kovler’s presentation at the Planet MicroCap Showcase: Vegas 2024 taking place today, May 1, 2024, at 4:00 pm PST, which may be attended and accessed live along with the accompanying presentation materials by visiting https://www.webcaster4.com/Webcast/Page/3026/50312. Greenidge will be filing an updated investor presentation in conjunction with the event.

Preliminary First Quarter 2024 Financial Results¹:

• Revenue of approximately $19.2 million;
• Net loss from continuing operations of approximately $3.1 million to $4.1 million;
• Adjusted EBITDA of approximately $2.1 to approximately $3.1 million;
• Loss per share of $0.33 to $0.43²;
• Cryptocurrency datacenter self-mining revenue of $7.1 million; Cryptocurrency datacenter hosting revenue of $9.1 million; and
• Power and capacity revenue of $3.0 million.

First Quarter 2024 Highlights:

Greenidge’s cryptocurrency datacenter operations produced approximately 409 bitcoin during the first quarter of 2024, of which 275 bitcoin were produced for colocation and 134 bitcoin were produced for self-mining. The average opening price of Bitcoin during the first quarter of 2024 was $53,260.04.

As of March 31, 2024, Greenidge datacenter operations consisted of approximately 29,400 miners with approximately 3.0 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,700 miners, or 1.8 EH/s, is associated with datacenter hosting and 10,700 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.

Greenidge ended the quarter with approximately $14.3 million of cash and approximately $69.0 million of debt.

Greenidge CEO Jordan Kovler commented: “It is an exciting time for Greenidge, with two consecutive quarters of positive cash flow, a valuable and growing real estate portfolio of sites suited for data center development and a significant reduction in SG&A spend going forward. We will continue to find properties with the potential for power expansion and will follow our new roadmap for the best utilization of each, in order to benefit the short- and long- term interests of all stockholders. We believe now is the time to focus on execution and to capitalize on the strengths of our team in energy and infrastructure development.”