Greenidge Generation Reports 2025 Preliminary Results, Obtains 100MW Power Approval for Datacenter Expansion

Greenidge Generation Holdings Inc. has released preliminary financial and operating results for the fourth quarter and full year 2025, detailing a continued shift from Bitcoin mining toward AI and high-performance computing (HPC) data center infrastructure.

For the full year 2025, Greenidge reported total revenue of $58.8 million, a slight decrease from the $59.6 million reported in 2024. The company’s revenue streams showed a marked shift toward power generation and capacity sales, which grew to $22.2 million. In contrast, cryptocurrency mining revenue fell to $15.2 million and data center hosting revenue dropped to $21.5 million.

Other preliminary financial markers for the fiscal year include:

Net Income: Estimated between $4.2 million and $5.2 million, compared to a net loss of approximately $20 million in the prior year.

Adjusted EBITDA Loss: Reported at $3.1 million to $2.1 million.

Operating Cash Flow: Net cash used for operating activities was $15.0 million.

Administrative Expenses: SG&A expenses were reduced to $12.1 million from $17.3 million in 2024.

For the fourth quarter specifically, the company saw a quarter-over-quarter revenue decline of $3.7 million, finishing the period with $11.5 million in total revenue.

Debt Reduction and Asset Divestiture

A central component of the company's 2025 activity was the restructuring of its balance sheet. Greenidge reduced its outstanding senior unsecured debt from $68.5 million at the end of 2024 to $36.7 million through tender offers and exchange agreements. Total debt, including notes due in 2030, stood at $39.0 million at year-end.

The company also raised capital through the sale of non-core assets:

South Carolina Property: Sold for $18.0 million in cash, with up to $18.0 million in potential future earnouts.

Mississippi Mining Site: A 7.5MW facility and lower-efficiency hardware were sold for $4.2 million in cash.

Infrastructure and Regulatory Status

Greenidge is currently seeking to expand its power capacity for future data center development. The company secured approval for 100MW of additional power, including 60MW at its Dresden facility and 40MW at a greenfield site in Mississippi. An additional 200MW expansion at the Dresden site is currently under a system impact study.

On the regulatory front, the company reached an agreement with the New York State Department of Environmental Conservation (NYSDEC) for the renewal of the Title V Air Permit at its Dresden facility. The agreement resolves long-standing litigation and provides a five-year operational framework for the site.As of December 31, 2025, Greenidge held 74 Bitcoin valued at approximately $6.5 million and maintained a cash balance of $19.6 million.