Executive Summary

Q1 2025 revenue rose to $19.2M, up 29.7% sequentially from Q4 2024’s preliminary $14.8M, driven by a surge in power and capacity revenue ($9.2M) alongside steady mining ($4.2M) and hosting ($5.8M); EBITDA was $0.4M and Adjusted EBITDA $1.0M, while net loss from operations widened to $5.6M .
Segment mix shifted toward power sales during January–February extreme cold, with management noting significant grid supply contributions; BTC production was 112 in Q1 (vs. 166 in Q3 2024), reflecting operational prioritization and mix effects .
Balance sheet actions continued: senior unsecured debt reduced to $60.2M (16.6% reduction vs. original $72.2M), aggregate principal debt ended Q1 at $66.7M; cash $4.9M and Bitcoin holdings $8.4M; no ELOC share sales and no plans to sell below $2.73 .
Strategic updates: board refresh (new independent directors), Mississippi site purchase (access to 40MW by July 2026) and incremental 2.5MW near-term capacity addition; company targets near-term mining capacity of 161.5MW including planned adds .

What Went Well and What Went Wrong

What Went Well

Power and capacity revenue surged to $9.2M, driving total revenue to $19.2M (+$4.4M vs. Q4 preliminary), supported by significant grid power provision during extreme cold in Jan–Feb .
Continued debt reduction progress: senior unsecured debt cut to $60.2M via privately negotiated exchanges; aggregate principal debt at $66.7M, demonstrating balance sheet focus .
Efficiency gains: active fleet improved to 23.8 J/TH through strategic miner upgrades; management emphasized a turnaround trajectory and pursuit of accretive transactions: “disciplined execution… advanced the turnaround… explore strategic transactions to… upscale mining operations” .

What Went Wrong

Profitability mixed: EBITDA of $0.4M and Adjusted EBITDA of $1.0M were down year over year (Q1 2024 EBITDA $1.1M; Adjusted EBITDA $2.8M), and net loss from operations widened to $5.6M (from $3.9M) .
Hosting revenue contracted sequentially to $5.8M from Q4 preliminary $7.3M, and BTC production fell to 112 vs. 166 in Q3 2024, reflecting operational trade-offs and segment mix .
Liquidity declined: quarter-end cash fell to $4.9M (from $8.6M at Q4), with aggregate principal debt still sizable at $66.7M; no EPS/Street consensus context available limits beat/miss visibility .

Financial Results

Metric	Q3 2024	Q4 2024 (Prelim)	Q1 2025
Revenue ($USD Millions)	$12.4	$14.8	$19.2
Net (Loss) from Operations ($USD Millions)	$(6.3)	$(3.3) to $(4.3) (range)	$(5.6)
EBITDA ($USD Millions)	$(1.2)	$0.9 to $1.9 (range)	$0.4
Adjusted EBITDA ($USD Millions)	$(0.1)	$2.6 to $3.6 (range)	$1.0
Diluted EPS - Continuing Ops ($USD)	$(1.20)*	$(0.33)*	$(0.40)*

Notes: Values with asterisks retrieved from S&P Global (SPGI).
SPGI disclaimer: EPS values retrieved from S&P Global.

Segment revenue breakdown:

Segment Revenue ($USD Millions)	Q3 2024	Q4 2024 (Prelim)	Q1 2025
Cryptocurrency Mining	$3.3	$4.0	$4.2
Datacenter Hosting	$6.5	$7.3	$5.8
Power and Capacity	$2.6	$3.5	$9.2

KPIs and operating metrics:

KPI	Q3 2024	Q4 2024 (Prelim)	Q1 2025
BTC Production (units)	166	—	112
Fleet Efficiency (J/TH)	27.1 (as of 9/30/24)	27.1 (ref)	23.8
Active EH/s (total)	—	2.9 (1.8 hosting; 1.1 mining)	3.3 (1.8 hosting; 1.5 mining)
Active MW	—	—	119
Cash ($USD Millions)	$11.4 cash & digital assets; 60.7 BTC	$8.6 cash	$4.9 cash; $8.4 Bitcoin
Aggregate Principal Debt ($USD Millions)	~$69.5 (net of deferred costs)	$68.5	$66.7
Senior Unsecured Debt ($USD Millions)	—	—	$60.2 (post exchanges)

SPGI disclaimer: Where applicable, values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Planned Mining Capacity Add (Existing MS site)	Q2–Q3 2025	—	+2.5MW	New
Planned Mining Capacity Add (New MS site)	By Q2 2026	—	+40MW (low-cost power)	New
Near-term Mining Capacity Target	Near term (excl. future deals)	—	161.5MW	New
ELOC Utilization	Q1 2025	—	No sales in Q1; no plans to sell below $2.73/share	Maintained discipline
Asset Monetization	2025	SC property	Progressing toward closing	Ongoing
Revenue/Margins/EPS Guidance	2025	—	Not provided	N/A

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was found; management commentary is sourced from press releases and 8-K filings .

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
Fleet upgrades & efficiency	Miner upgrades; efficiency 27.1 J/TH (9/30/24); expected improvement	Fleet efficiency improved to 23.8 J/TH via strategic purchases	Improving
Segment mix & power sales	Power revenue $2.6M (Q3), $3.5M (Q4 prelim)	Power revenue jumped to $9.2M; significant grid power supplied in Jan–Feb	Stronger power sales
BTC production	166 BTC (Q3)	—	112 BTC (Q1)
AI/HPC & data center initiatives	GPU datacenter pilot; Pod X; EPCM/O&M offerings	Continued datacenter hosting; operations 3.3 EH/s	Ongoing build-out
Regulatory/legal (Dresden Title V)	Secured ability to continue operating; advocating for permit renewal	Continued operations; no new permit update in Q1 release	Stable
Capital structure/debt exchanges	SG&A reduction; debt exchanges initiated	Senior unsecured debt reduced to $60.2M; aggregate debt $66.7M	Deleveraging continues
Asset monetization	SC property definitive agreement ($12.1M + 8% profit participation)	Progress toward closing; exploring site acquisitions	Ongoing

Management Commentary

CEO perspective on turnaround and strategy: “disciplined execution and prudent financial management have significantly advanced the turnaround… continuing to explore strategic transactions… upscale our mining operations amid unprecedented institutional and sovereign demand for Bitcoin” .
Strategic capacity and site growth: Agreement to purchase a 37-acre Mississippi site (40MW by July 2026) and +2.5MW planned at existing MS site; near-term target of 161.5MW (excluding future deals) .
Balance sheet discipline: No ELOC usage in Q1 and no plans to sell shares below $2.73; continued privately negotiated exchanges to reduce senior unsecured debt to $60.2M .
Board refresh: Appointments of Kenneth Fearn and Christopher Krug as independent directors; Timothy Fazio elected Chairman, aligned with value-maximizing transaction focus .

Q&A Highlights

No Q1 2025 earnings call transcript was available; therefore, no analyst Q&A themes or guidance clarifications can be reported for this quarter .

Estimates Context

S&P Global (SPGI) shows limited or no active consensus coverage for GREE in Q1 2025; Primary EPS Consensus Mean and the count of estimates were unavailable, making beat/miss analysis vs. Street estimates impractical. Revenue and EBITDA entries reflect actuals rather than consensus [GetEstimates].
Implication: Portfolio managers should anchor evaluation on company-reported segment dynamics and operational KPIs rather than consensus comparisons this quarter.

SPGI disclaimer: Estimates and EPS values retrieved from S&P Global.

Key Takeaways for Investors

The sharp sequential revenue increase (+29.7%) was powered by exceptional power/capacity sales amid winter grid demand, while hosting contracted and BTC production declined; expect subsequent quarters to normalize segment mix as capacity additions roll in .
Efficiency improvements (23.8 J/TH) and ongoing miner upgrades support medium-term margin potential; however, near-term profitability remains constrained (EBITDA $0.4M, Adjusted EBITDA $1.0M) .
Balance sheet actions are material: senior unsecured debt cut to $60.2M; aggregate principal debt at $66.7M; cash declined to $4.9M—liquidity needs and asset monetization timing remain key watch items .
Strategic pipeline: Mississippi site purchase (40MW by July 2026) and +2.5MW near-term capacity may expand self-mining economics; board refresh aims to accelerate value-maximizing transactions .
With limited Street coverage, trade the story on operational progress (power monetization, efficiency gains) and balance sheet catalysts (debt exchanges, asset sale closing) rather than headline beats/misses [GetEstimates] .
Monitor: closing of South Carolina property sale, execution on Mississippi build-out, any updates on Dresden permit renewal, and capital structure actions (including ELOC stance and further exchanges) .
Risk factors: Profitability sensitivity to power market conditions and BTC price/production; hosting revenue volatility; liquidity and debt service headwinds until further deleveraging is achieved .

Greenidge Generation Holdings Inc. (GREE)·Q1 2025 Earnings Summary