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Greenidge Generation Holdings Inc. (GREE-5.11%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include cryptocurrency mining, datacenter hosting, and power generation. The company operates a facility in Torrey, New York, and previously owned a facility in Spartanburg, South Carolina.
For the year ended December 31, 2024, Greenidge reported total revenue of $59.5 million, a decrease from $70.4 million in the previous year. This decline was attributed to a decrease in datacenter hosting revenue following the sale of the South Carolina facility.
The company reported a net loss from continuing operations of $19.8 million, compared to a net loss of $29.0 million in the previous year. The improvement was primarily due to reduced operating expenses and gains from digital assets.
Greenidge's liquidity position was bolstered by various actions, including the sale of assets and equity financing. However, the company acknowledged that its projected operating cash flows are not sufficient in the long term to meet its existing long-term debt obligations.
The company continues to face legal challenges regarding the renewal of its Title V Air Permit for the New York facility. The outcome of these proceedings could materially impact the company's operations.
Greenidge's cryptocurrency mining operations produced 941 bitcoins in 2024, down from 2,938 bitcoins in 2023. This decrease was due to increased mining difficulty and the halving of bitcoin rewards.
The filing also discusses the company's environmental liabilities, including obligations related to the closure of a coal ash pond at its New York facility.
Greenidge's management is considering various strategies to address its financial obligations, including potential debt exchanges and equity sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greenidge Generation Holdings Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.