Greenidge Generation Holdings Inc. (GREE)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 revenue was $15.2M, net income $12.0M, EBITDA $15.2M, and adjusted EBITDA $1.7M; QoQ revenue increased $2.3M and net income improved by $16.1M from Q2 2025 .
• Segment mix shifted with power and capacity revenue up 83% QoQ to $4.7M, datacenter hosting up to $6.3M, while cryptocurrency mining was stable at $4.2M; BTC production declined to 95 from 110 in Q2 .
• A landmark agreement with NYSDEC provides a pathway to a five-year Title V Air Permit with mandated emissions reductions, ending litigation and supporting continued grid power provision—an important operational/regulatory catalyst .
• Senior unsecured notes due Oct-2026 were reduced to $38.0M through tenders/exchanges; management halted new cash self-tenders and plans to pursue exchanges to extend maturity, aiming to support growth and liquidity .
• Wall Street consensus (S&P Global) for Q3 2025 EPS and revenue was unavailable, so estimate comparisons are not provided; actual revenue equals $15.22M as reported . Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

• Regulatory resolution pathway: “Historic new five-year renewal” for the Dresden Title V Air Permit with a mandated 44% permitted emissions reduction by 2030 and 25% reduction from actual emissions; ends all litigation, supports grid reliability .
• Power & capacity revenue surge: +83% QoQ to $4.7M, boosting segment mix and underscoring grid service capabilities; overall revenue increased QoQ by $2.3M .
• Debt reduction and strategy pivot: Notes due 2026 reduced to $38.0M; management paused further cash self-tenders and plans exchanges to extend maturity, improving the runway for growth .
  • CEO quote: “This was a monumental quarter…historic agreement…positions us for long-term growth...our Dresden facility should serve as a national model” .

What Went Wrong

• Production softness: BTC produced fell to 95 (from 110 in Q2 and 112 in Q1), reflecting operational optimization and curtailment dynamics .
• Quality-of-earnings scrutiny: Q3 included large non-recurring items (e.g., $11.5M gain on troubled debt restructuring) that inflate GAAP EBITDA ($15.2M) versus adjusted EBITDA ($1.7M), warranting caution on sustainable profitability .
• Leverage remains meaningful: Despite progress, senior unsecured debt still sizable; Q3 ended with $45.8M senior unsecured debt (including future contractual interest) and cash/bitcoin of $7.6M/$6.1M .

Financial Results

Note: * Values retrieved from S&P Global.

YoY comparison (Q3 2024 vs Q3 2025):

Segment Breakdown

KPIs

Guidance Changes

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript found in the document catalog; analysis based on press releases and 8-K filings [ListDocuments] and company IR site listings .

Management Commentary

• CEO Jordan Kovler: “Historic agreement with NYSDEC…positions us for long-term growth and validates [our] model…our Dresden facility should serve as a national model for bitcoin mining operations, one which does not pull power from the grid, but rather sends power to it.”
• CEO on capital strategy: “…recent increase in the trading price of our unsecured notes…we do not have any current plans to launch another public self-tender offer of cash for debt. Instead, we will seek opportunities to extend the maturity of our 2026 debt through public exchange offers and privately negotiated exchange agreements.”
• President Dale Irwin (Air permit release): “This new permit includes historic emissions reductions…validates our national model cryptocurrency operation, which does not pull power from the grid, but rather sends power to it daily.”

Q&A Highlights

• No Q3 2025 earnings call transcript was available to review; Q&A highlights and any guidance clarifications cannot be assessed from transcripts at this time [ListDocuments] .

Estimates Context

• S&P Global (Capital IQ) consensus estimates for Q3 2025 EPS and revenue were not available; as a result, we cannot present estimate comparisons or beats/misses for EPS or revenue. Values retrieved from S&P Global.*
• Reported actual revenue for Q3 2025 is $15.22M, consistent with the company’s press release . Values retrieved from S&P Global.*

Key Takeaways for Investors

• Regulatory overhang easing: The NYSDEC agreement provides a pathway to a five-year Title V permit, ends litigation, and mandates significant emissions reductions—reducing regulatory risk and supporting grid-related revenues .
• Segment mix diversification: Power & capacity revenue rebounded (+83% QoQ to $4.7M), hosting showed steady growth, while mining revenues were flat; the mix supports less BTC-price sensitivity and improves grid-linked cash generation .
• Quality-of-earnings caution: Q3 GAAP results benefited from non-recurring items (e.g., $11.5M troubled debt restructuring gain), with adjusted EBITDA of $1.7M vs GAAP EBITDA of $15.2M; focus on adjusted measures for sustainability .
• Balance sheet progress: Senior unsecured notes principal reduced to ~$38.1M; management pivoted from cash tenders to exchange-driven maturity extension—potentially lowering near-term refinancing risk and preserving liquidity .
• Production dynamics: BTC production declined to 95; continued efficiency gains (21.3 J/TH) help mitigate unit output pressures and cost intensity .
• Liquidity: Q3 ended with $7.6M cash and $6.1M bitcoin; trajectory improved QoQ but remains a monitoring item given debt load and investment plans .
• Near-term catalysts: Finalization of the Title V permit and execution of debt exchange strategies; progress on Mississippi expansion access to 40MW by March 2027 could drive capacity-led growth .

Non-GAAP Reconciliation (Company-Reported)

Footnote: * Values retrieved from S&P Global.