8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

May 15, 2025

Date of Report (date of earliest event reported)

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Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

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Delaware<br><br>(State or other jurisdiction of<br><br>incorporation or organization)	001-40808<br><br>(Commission File Number)	86-1746728<br><br>(I.R.S. Employer Identification Number)
1159 Pittsford-Victor Road, Suite 240<br><br>Pittsford, New York 14534
(Address of principal executive offices and zip code)
(315) 536-2359
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))		Securities registered pursuant to Section 12(b) of the Act:
---	---	---
Title of each class	Trading Symbol	Name of each exchange on which registered
Class A common stock, par value $.0001	GREE	The Nasdaq Global Select Market
8.50% Senior Notes due 2026	GREEL	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company   ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 – Results of Operations and Financial Condition.

On May 15, 2025, Greenidge Generation Holdings Inc. (the “Company”) issued a press release regarding financial and operational results for the fiscal quarter ended March 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this report is being furnished pursuant to Item 2.02 of Form 8-K. In accordance with General Instruction B.2. of Form 8-K, the information in this report, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as may be expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements

This report, including Exhibit 99.1 furnished herewith, includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect the Company’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this report include, among other things, statements regarding the business plan, business strategy and operations of the Company in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described under the heading “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the period ended March 31, 2025. Consequently, all of the forward-looking statements made in this report are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this report. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of the Company could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this report and, unless otherwise required by applicable law, the Company does not assume any duty to update or revise any forward-looking statements included in this report, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this report.

Item 9.01 – Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release, dated May 15, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Greenidge Generation Holdings Inc.
By:	/s/ Jordan Kovler
Name:	Jordan Kovler
Title:	Chief Executive Officer

Date: May 15, 2025

Document

Greenidge Generation Reports Financial and Operating Results for the First Quarter 2025

Highlights Recent Board Refreshment and Appointments of Kenneth Fearn and Christopher Krug as Independent Directors

Notes Recent Purchase of New Mississippi Site and Progress Toward Closing on Sale of South Carolina Property

Continues to Explore Various Options to Grow Mining Operations Amid Surging Institutional and Sovereign Demand for Bitcoin

Pittsford, NY – May 15, 2025 – Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the first quarter ended March 31, 2025 and provided an update on the Company’s growth prospects.

First Quarter 2025 Financial Results:

•Total revenue of $19.2 million;

•Net loss from operations of $5.6 million;

•EBITDA of $0.4 million;

•Adjusted EBITDA of $1.0 million;

•Cryptocurrency mining revenue of $4.2 million;

•Datacenter hosting revenue of $5.8 million;

•Power and capacity revenue of $9.2 million; and

•Total bitcoin production of 112 BTC.

Recent Highlights:

•Reduced debt to $60.2 million through privately negotiated exchanges, representing a 16.6% reduction to date of the original $72.2 million aggregate principal amount of Greenidge’s senior unsecured debt;

•Announced board refreshment, appointing Kenneth Fearn and Christopher Krug as independent directors who bring additional expertise in capital markets, real estate and M&A and bolster the Company’s strategic focus on value-maximizing transactions;

•Reported no equity sales under the Company’s equity line of credit (“ELOC”) during the first quarter and no current plans to utilize the ELOC to sell shares at a price below $2.73 per share;

•Improved efficiency of Greenidge’s current active fleet miner to 23.8 J/TH as a result of strategic purchases of more efficient miners compared to the aggregate fleet efficiency of 26.6 J/TH as of March 31, 2025;

•Entered into an agreement to purchase 37-acre site in Mississippi, with access to 40 MW of additional low-cost power by July 2026;

•Added 2.5MW of planned mining capacity at existing Mississippi site;

•Progressing toward the closing of the sale of the Company’s South Carolina property; and

•Evaluating future sites with significant low-cost power capacity.

Greenidge ended the first quarter with $4.9 million of cash, $8.4 million of Bitcoin and $66.7 million in aggregate principal amount of debt.

Greenidge CEO Jordan Kovler commented: “This past quarter, our team’s disciplined execution and prudent financial management have significantly advanced the turnaround of our business and operations. We not only made substantial further progress on our debt reduction efforts, but we did so while also continuing to explore strategic transactions to further right-size our capital structure and upscale our mining operations in the midst of unprecedented institutional and sovereign demand for Bitcoin. Against this backdrop, we are excited about the path ahead and look forward to continuing to aggressively pursue opportunities to maximize value for all Greenidge stakeholders.”

Greenidge currently has 119MW of active self-mining, hosting and power generation across sites in New York, Mississippi and North Dakota. With planned mining capacity of 2.5MW expected to be added in Q2 or Q3 2025 and at least 40MW by Q2 2026, Greenidge expects to have a total near-term mining capacity of 161.5MW, excluding any future transactions. The Company’s active datacenter operations consist of approximately 3.3 EH/s of datacenter hosting and cryptocurrency mining, of which 1.8 E/Hs, is associated with datacenter hosting and 1.5 E/Hs is associated with our cryptocurrency mining.

About Greenidge Generation Holdings Inc.

Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.

Forward-Looking Statements

This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-

looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.

Use of Non-GAAP Information

To provide investors and others with additional information regarding Greenidge’s financial results, Greenidge has disclosed in this press release the non-GAAP operating performance measures of Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to, gains or losses from the sales of assets, insurance proceeds and the impact of subsidiary deconsolidation. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, Greenidge’s results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by Greenidge may be different from non-GAAP financial measures presented by other companies. Specifically, Greenidge believes the non-GAAP information provides useful measures to investors regarding Greenidge’s financial performance by excluding certain costs and expenses that Greenidge believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Greenidge compensates for these limitations by relying primarily on its GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis.

	Three Months Ended	Three Months Ended
Amounts denoted in millions	March 31, 2025	March 31, 2024
Net loss from operations	$    5.6	$    3.9
Benefit from income taxes	—	—
Interest expense, net	2.9	1.8
Depreciation	3.1	3.2
EBITDA	0.4	1.1
Stock-based compensation	0.5	1.1
Loss on sale of assets	0.1	—
Gain on insurance proceeds	(0.4)	—
Loss on liquidation of subsidiary	0.3	—
Change in fair value of warrant asset	—	0.4
Impairment of long-lived assets	—	0.2
Adjusted EBITDA	$    1.0	$    2.8

Contacts

Investors

Nick Ratti

315-536-2359

nratti@greenidge.com

investorrelations@greenidge.com

Media

Longacre Square Partners

Kate Sylvester / Liz Shoemaker

646-386-0091

greenidge@longacresquare.com

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