Greenidge Generation Holdings Reports Preliminary Q4 and Full Year 2025 Financial Results: Major Debt Reduction, Regulatory Breakthroughs, and Strategic Pivot to AI/HPC Datacenters

PITTSFORD, NY – March 5, 2026 — Greenidge Generation Holdings Inc. (Nasdaq: GREE), a vertically integrated power generation and datacenter infrastructure company, has announced its preliminary financial and operational results for the fourth quarter and fiscal year ended December 31, 2025. The company also disclosed significant progress in its transition strategy from cryptocurrency mining towards Artificial Intelligence (AI) and High-Performance Computing (HPC) datacenter development.

Key Highlights from Q4 and Full Year 2025

• Regulatory Breakthrough: Greenidge reached a historic agreement with the New York State Department of Environmental Conservation (NYSDEC), securing the path to a five-year Title V Air Permit renewal for its Dresden facility. This agreement ends all litigation and appeals with New York State, providing rare regulatory clarity, and positions Dresden as a model for responsible datacenter and power generation operations.
• Expansion of Power Capacity: The company secured approval for a total of 100MW of future non-curtailable power for datacenters:
  • 60MW at the Dresden facility in NY, where Greenidge is working with NYSEG on facility upgrades and evaluating AI/HPC datacenter opportunities.
  • 40MW at a new 34-acre greenfield site in Mississippi, with AI/HPC datacenter development options being actively explored for Q1 2027.
• Debt Reduction: Greenidge reduced its outstanding senior unsecured debt due October 2026 from \$68.5 million at FY 2024 to \$36.7 million by year end 2025, through public tender/exchange offers, privately negotiated agreements, and open market repurchases. Total debt now stands at \$39.0 million, down from over \$157.5 million in 2023.
• Asset Sales and Cash Management: The company completed the sale of its South Carolina property for \$18 million in cash (plus up to \$18 million in future earnouts), and divested its 7.5MW Mississippi bitcoin mining facility and lower-efficiency miners for \$4.2 million in cash. Greenidge ended Q4 2025 with \$19.6 million in cash and \$6.5 million in bitcoin.
• Operational Metrics:
  • 111.5MW of active self-mining, hosting, and power generation capacity across New York and North Dakota.
  • Combined datacenter and mining capacity of approximately 2.8 EH/s (1.8 EH/s hosting, 1.0 EH/s mining).

Financial Results: Q4 and Full Year 2025

• Q4 2025:
  • Total revenue: \$11.5 million (down \$3.7 million from Q3 2025)
  • Net income: \$1.9–\$2.9 million (down \$10.1–\$9.1 million from Q3 2025)
  • EBITDA: \$4.5–\$5.5 million (down \$10.5–\$9.5 million from Q3 2025)
  • Adjusted EBITDA loss: \$6.2–\$5.2 million (widened by \$7.9–\$6.9 million from Q3 2025)
  • Net cash flow used for operating activities: \$4.6 million (increased by \$4.7 million from Q3 2025)
  • Adjusted Free Cash Flow loss: \$2.0 million (improved by \$6.3 million from Q3 2025)
  • Cryptocurrency mining revenue: \$2.6 million (down \$1.6 million from Q3 2025)
  • Datacenter hosting revenue: \$3.3 million (down \$3.0 million from Q3 2025)
  • Power and capacity revenue: \$5.6 million (up \$0.8 million from Q3 2025)
  • 53 Bitcoins produced (down 42 from Q3 2025)
• Full Year 2025:
  • Total revenue: \$58.8 million (down \$0.8 million from FY 2024)
  • Net income: \$4.2–\$5.2 million (up \$24.0–\$25.0 million from FY 2024)
  • EBITDA: \$19.9–\$20.9 million (up \$19.2–\$20.2 million from FY 2024)
  • Adjusted EBITDA loss: \$3.1–\$2.1 million (improved by \$8.6–\$7.6 million from FY 2024)
  • Net cash flow used for operating activities: \$15.0 million (improved by \$3.0 million from FY 2024)
  • Adjusted Free Cash Flow loss: \$2.3 million (improved by \$12.1 million from FY 2024)
  • Cryptocurrency mining revenue: \$15.2 million (down \$3.8 million from FY 2024)
  • Datacenter hosting revenue: \$21.5 million (down \$8.4 million from FY 2024)
  • Power and capacity revenue: \$22.2 million (up \$11.4 million from FY 2024)
  • 371 Bitcoins produced (down 570 from FY 2024)
  • SG&A expenses: \$12.1 million (down \$5.2 million from FY 2024; down from \$26.1 million in 2023)

Additional Corporate and Regulatory Developments

• Greenidge initiated a NYISO system impact study to potentially access an additional 200MW at the Dresden facility.
• Agreement with NYSDEC ensures the Dresden facility’s emissions are aligned with New York’s Climate Leadership Community Protection Act. This includes a formal pathway for the five-year Title V Air Permit, providing the regulatory certainty necessary for large-scale infrastructure investment.
• Environmental management progress: Initial chemical composition testing on coal combustion residuals in C-Pond has been completed, with the closure deadline extended to October 2027, and plans to replicate testing at the Lockwood Landfill in Q2 2026.

Management Commentary

CEO Jordan Kovler emphasized the company’s strategic transition, stating: “Our team’s exceptional focus and execution over the past two and a half years have positioned Greenidge for significant growth potential and a successful pivot from Bitcoin mining to AI/HPC. The historic NYSDEC agreement not only ends protracted litigation, but also solidifies Dresden as a model for sustainable datacenter growth powered by on-site energy. We have nearly doubled our future power capacity, dramatically reduced our debt load, and cut our SG&A expenses by more than half since 2023. These actions, including the sale of non-core assets, have provided over \$22.2 million in cash and potential for an additional \$18 million, enhancing our ability to invest in high-value opportunities.”

Implications for Shareholders & Potential Share Price Impact

• Regulatory Clarity: The Dresden agreement eliminates major legal and regulatory uncertainties, which had previously been a material overhang on Greenidge’s valuation.
• Strategic Shift to AI/HPC: The company’s pivot from cryptocurrency mining to AI/HPC datacenters taps into higher-growth, higher-margin markets, potentially supporting a premium valuation.
• Debt Reduction: A reduction of debt from \$157.5 million in 2023 to \$39.0 million by end-2025 substantially improves the balance sheet, lowers financial risk, and could reduce interest expense.
• Power Expansion: Doubling future power capacity enhances prospects for revenue and profit growth, especially as the company targets the rapidly expanding AI/HPC market.
• Asset Sales and Cash Balance: The South Carolina and Mississippi asset sales, combined with a strong cash position, provide liquidity for further strategic investments or debt repayment.
• Operational Results: While full-year net income and EBITDA improved materially, Q4 saw declines versus Q3, reflecting the transition period and asset divestitures. The reduction in Bitcoin production and related revenue highlights the company’s move away from mining.

Non-GAAP Financial Measures

Greenidge provides EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow, Total Debt, and Net Debt as supplemental non-GAAP financial metrics to aid investors in understanding ongoing operating results and trends. Investors should be aware these measures are not substitutes for GAAP results and may not be directly comparable to similar metrics reported by other companies.

Conclusion

Greenidge Generation’s 2025 performance marks a turning point, with a much stronger balance sheet, regulatory certainty in New York, and a clear strategic shift towards AI/HPC datacenters. These developments are likely to be viewed positively by investors, as they address major overhangs, unlock new growth opportunities, and reduce financial risk—each of which could be material to GREE’s share price in the near and medium term.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence and consult with a financial advisor before making investment decisions. The information is based on preliminary results and statements that are subject to change. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated.

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