Greenidge Generation Q1 2024 Earnings Report

Greenidge Generation EPS Results

• Actual EPS: -$0.37
• Consensus EPS: -$0.34
• Beat/Miss: Missed by -$0.03
• One Year Ago EPS: N/A

Greenidge Generation Revenue Results

• Actual Revenue: $19.33 million
• Expected Revenue: $19.20 million
• Beat/Miss: Beat by +$130.00 thousand
• YoY Revenue Growth: N/A

Greenidge Generation Announcement Details

• Quarter: Q1 2024
• Date: 5/15/2024
• Time: N/A
• Conference Call Date: N/A
• Conference Call Time: N/A

Greenidge Generation (NASDAQ:GREE) is an energy and digital asset company that operates a natural gas–fired power plant alongside an on-site Bitcoin mining facility. The company’s primary business activities include generating electricity for the New York power grid and leveraging that generation capacity to support high-performance cryptocurrency mining. Through these complementary operations, Greenidge seeks to optimize power utilization while capitalizing on growing demand for digital assets.

The company’s core power generation assets are located in Dresden, New York, where it repurposed a former coal-fired plant under Atlas Holdings’ ownership and converted it to a combined-cycle natural gas facility. This plant generates enough electricity to both supply wholesale power markets in the northeastern United States and provide dedicated, low-cost energy to its integrated mining center. Greenidge emphasizes operational efficiency and seeks to maintain competitive heat rates and emissions controls in compliance with state and federal environmental standards.

Greenidge’s digital asset segment features a purpose-built data center that houses thousands of proprietary Bitcoin mining servers. By colocating mining equipment at its generation site, the company is able to capture value across the power generation and crypto-mining value chains. Greenidge has pursued initiatives to enhance sustainability, including investments in energy-efficient mining hardware and exploring opportunities to incorporate renewable energy credits into its operations.

Founded around the original Dresden plant, Greenidge Generation relaunched power production in 2017 and completed a business combination to become a publicly traded company in 2021. Its leadership team is headed by Chief Executive Officer Jeffrey Kirt, with Todd Davis serving as executive chairman. Together, this management group focuses on balancing energy market dynamics with the technical demands of large-scale digital asset mining.