Second Quarter 2022 Highlights
- Revenue of $31.3 million for the
second quarter of 2022
- GAAP net loss of $(107.9) million
for the quarter, impacted by $98.2
million of special items
- Adjusted EBITDA of $2.9 million
for the quarter
- LTM Adjusted EBITDA of $52.5
million
- Produced approximately 621 bitcoin during the second
quarter
- Power plant uptime of 100.0% in second quarter, 99.8% YTD, and
98.3% LTM, including downtime for scheduled maintenance
outages
- Mining capacity of approximately 2.5 EH/s from approximately
27,500 miners at June 30, 2022
- $67 million in cash and fair
value of cryptocurrency holdings at June 30,
2022
- Approximately $92 million of
additional cash on deposit with Bitmain as of June 30, 2022
- Minimal additional cash contributions anticipated to complete
purchase of miners in order book
July 2022 Operational
Update
- Produced approximately 287 bitcoin in July 2022
- Approximately 2.7 EH/s of mining capacity from approximately
29,300 miners as of July 31,
2022
- Power plant uptime of 100.0%
Adjusted net (loss)
income, Adjusted EBITDA, Adjusted EBITDA margin and last twelve
months ("LTM") Adjusted EBITDA are non-GAAP measures. See the
tables attached to this press release for a reconciliation from
GAAP to non-GAAP measures and "Use of Non-GAAP Information"
below for more details.
|
FAIRFIELD, Conn., Aug. 15,
2022 /PRNewswire/ -- Greenidge Generation Holdings
Inc. (NASDAQ: GREE) ("Greenidge"), a vertically integrated
cryptocurrency datacenter and power generation company, today
announced financial and operating results for the second quarter of
2022 and provided an operational update for the month ended
July 31, 2022.
"While our team once again delivered strong operational
performance in terms of bitcoin production and plant uptime for the
quarter and for the month of July, the approximately 60% decrease
in the price of bitcoin during the second quarter coupled with the
spike in global energy prices clearly presents a challenging
earnings environment," said Jeff
Kirt, Chief Executive Officer of Greenidge. "The sudden
change in mining economics has driven us to refocus our strategy to
prudently prioritize liquidity and capital preservation over
aggressive growth – while maintaining our relentless focus on
operational performance.
"As a result, we have chosen to pause our plans to develop
certain additional sites in our pipeline in the ERCOT market and,
instead, intend to concentrate our operations at our two existing
sites in South Carolina and
New York for the time being. We
now expect to have at least 3.6 EH/s of mining capacity by the
first quarter of 2023 and expect to maintain our first quarter 2023
level of mining capacity until we determine that market conditions
are attractive for additional growth.
"Our development plan is fully funded with cash on our balance
sheet and substantially all of the required infrastructure
equipment has been procured. We anticipate minimal cash
contributions, if any, will be required to finance the purchase of
our remaining order book and expect the cost of the remaining
infrastructure build to be less than $7.5
million.
"Importantly, our lenders have shown strong support of our
revised development plan by working with us to flatten our
amortization curve in order to further enhance liquidity during
this challenging time for our industry. This provides us with
additional near-term liquidity as we complete our revised
development plan in the upcoming months, which allows us to benefit
from the next uptick in the bitcoin cycle while also providing us
with a stronger liquidity position in the event of a market
downturn"
Second Quarter 2022 Financial
Results
$ in thousands,
except Adjusted EBITDA margin
|
|
Q2
2022
|
|
|
Q2
2021
|
|
|
Variance
|
|
Total
Revenue
|
|
$
|
31,339
|
|
|
$
|
16,176
|
|
|
|
94
|
%
|
Cryptocurrency
datacenter revenue
|
|
$
|
20,067
|
|
|
$
|
14,064
|
|
|
|
43
|
%
|
Power and capacity
revenue
|
|
$
|
2,859
|
|
|
$
|
2,112
|
|
|
|
35
|
%
|
Adjusted
EBITDA
|
|
$
|
2,872
|
|
|
$
|
8,065
|
|
|
|
-64
|
%
|
Adjusted EBITDA
margin
|
|
|
9.2
|
%
|
|
|
49.9
|
%
|
|
|
|
Greenidge's revenue for the second quarter was $31 million, up 94% compared to the prior year
period. Cryptocurrency datacenter revenue for the second quarter
was $20 million, up 43% compared to
the prior year period, and Power and capacity revenue for the
second quarter was $3 million, up 35%
compared to the prior year period. Greenidge's Support.com
subsidiary, which was acquired in September
2021, generated approximately $8.1
million in second quarter revenue and was not included in
Greenidge's second quarter 2022 results. Support.com revenue is
included in Greenidge's Services and other revenue line item on the
income statement.
Greenidge produced approximately 621 bitcoin during the second
quarter of 2022, compared to 315 bitcoin in the second quarter of
2021, and had approximately 27,500 miners with approximately 2.5
EH/s of combined capacity as of June 30,
2022.
Net loss was $(107.9) million for
the second quarter as compared to net income of $3.5 million in the prior year period. As
detailed below and in Greenidge's Quarterly Report on Form 10-Q
filed today, the second quarter of 2022 results had $98.2 million of special items. Following a
substantial drop in the price of bitcoin and a spike in energy
prices in the second quarter, in accordance with Accounting
Standards Codification ("ASC") 360, Property, Plant and Equipment,
Greenidge took a $71.5 million
nonrecurring, noncash charge in the quarter. Additionally,
Greenidge's second quarter 2022 results included an $11.1 million charge for the remeasurement of
environmental liabilities, $0.5
million of merger and other costs, $0.1 million of expansion costs and a
$15.0 million tax charge for the
recognition of a valuation allowance on deferred tax assets
primarily related to historical net operating loss carryforwards of
the Support.com business that was acquired in 2021. Adjusted net
loss was $(9.7) million, compared to
Adjusted net income of $4.2 million
in the prior year period.
Adjusted EBITDA for the second quarter was $2.9 million, or 9.2% of revenue, compared to the
prior year period of $8.1 million, or
49.9% of revenue
Greenidge ended the quarter with approximately $67 million of cash and fair market value of
cryptocurrency holdings, of which, less than $1 million was cryptocurrency holdings. In
addition, Greenidge had approximately $92
million of cash on deposit with Bitmain Technologies, Ltd as
of June 30, 2022.
Power Plant Performance
Greenidge's mining operations in Dresden, NY are powered by the power plant
located at the facility. The plant is periodically offline for
scheduled maintenance outages and for unscheduled outages. In the
second quarter of 2022, the plant was offline for zero (0) hours,
representing an uptime, defined as running hours divided by total
hours in the period, of 100.0%. For the six months June 30, 2022, the plant was offline for seven
(7) hours, representing an uptime of 99.8%. For the twelve months
ended June 30, 2022, the plant was
offline for 149 hours, representing an uptime of 98.3%.
Greenidge commenced mining operations in scale at its Dresden facility in the first quarter of 2020.
For the 27 month period beginning April 1,
2020 and ending June 30, 2022,
the plant was offline for a total of 324 hours, representing an
uptime for the period of 98.4%. Offline hours mentioned above
include hours the plant is offline for scheduled maintenance. The
plant's maintenance schedule currently has approximately 190 hours
of planned time offline in the second half of 2022.
July
2022 Operational Update
During the month of July 2022,
Greenidge produced approximately 287 bitcoin. As of July 31, 2022, Greenidge had approximately 2.7
EH/s of mining capacity from approximately 29,300 miners.
Additionally, Greenidge had approximately 2,800 miners in transit
as of July 31, 2022. The power plant
at Greenidge's Dresden facility
was offline for zero (0) hours during the month, representing an
uptime of 100.0%.
Development Plan Update
Pursuant to Greenidge's revised development plan, it now expects
to have at least 3.6 EH/s of mining capacity by the first quarter
of 2023 and expects mining capacity to remain at first quarter 2023
levels until it determines market conditions are attractive for
additional growth. Greenidge expects to have ample mining
infrastructure available at its locations in New York and South
Carolina to accommodate this capacity and has substantially
all of the mining infrastructure equipment on hand including the
required transformers, switchgear, PDUs and mobile mining
structures. The expected cost to procure the contractor services
and any remaining infrastructure equipment required to develop
Greenidge's mining infrastructure is less than $7.5 million. Following a planned upgrade to the
electrical service at its Spartanburg,
SC site in late 2022 or early 2023, Greenidge expects to
have 50 megawatts of electrical capacity available at the site.
In the second quarter, Greenidge began to upgrade its fleet
efficiency by reducing its inventory of older, less efficient
mining equipment in order to free up mining capacity for newer,
more efficient miners in its order book. Greenidge expects this
trend to continue during the second half of 2022 and may also
consider other asset sales, including but not limited to sales of
surplus mining infrastructure equipment, to further enhance its
liquidity position.
Lender Support of Development
Plan
As further detailed in Greenidge's Quarterly Report on Form 10-Q
filed today, on August 10, 2022, B
Riley Commercial Capital, LLC and Greenidge amended the terms of
Greenidge's Secured Promissory Note by extending the maturity to
June 2023, reducing scheduled monthly
amortization payments and reducing certain mandatory prepayments.
The interest rate of the Secured Promissory Note was revised to
7.5% and the principal balance following the amendment was
$16.4 million.
Title V Air Permit
Commentary
Consistent with the intentions provided in its press release on
June 30, 2022, Greenidge filed a
notice with the New York Department of Environmental Conservation
("NYDEC") on July 28, 2022,
requesting a hearing on the NYDEC's decision to deny Greenidge's
application for a Title V Air Permit Renewal at its Dresden, NY facility. Greenidge is permitted
to operate uninterrupted under a State Administrative Procedures
Act extension, in full compliance with its existing Title V Air
Permit, until four months after final resolution of the
adjudicatory hearing. While no adjudicatory proceedings have been
scheduled to date, Greenidge has been advised that, based on the
progression of previous and ongoing cases of a similar nature, the
appeals process may take a number of years to fully resolve.
GAAP Adjustments and
Charges
Following a substantial drop in the price of bitcoin and a spike
in energy prices in the second quarter, in accordance with
Accounting Standards Codification ("ASC") 360, Property, Plant and
Equipment, Greenidge undertook an impairment assessment pertaining
to long-lived assets that resulted in a non-cash charge of
$72 million reflected in the income
statement and the property and equipment line item of the balance
sheet. Further details of the ASC 360 impairment are available in
Greenidge's Quarterly Report on Form 10-Q for the period ended
June 30, 2022.
Separately, Greenidge adjusted its estimate pertaining to a
legacy environmental liability associated with a settling pond
located at its Dresden, NY
facility. The liability results from operations prior to
Greenidge's ownership of the site and was assumed when Greenidge
purchased the facility in 2014. The adjustment resulted in a
$11 million charge during the
quarter.
Additionally, the Company recognized a charge of $15 million during the second quarter for a
valuation allowance associated with deferred tax assets recorded
primarily relating to net operating losses of the Support.com
business, which was acquired in 2021.
Webcast Management
Presentation
Greenidge will host a management presentation on Monday, August 15, 2022 at 5 p.m. Eastern time. Greenidge's management team
will discuss the financial results and provide a general business
update.
A link to the management presentation will be available on
Greenidge's Investor Relations website at
http://ir.greenidge.com and will be available for replay.
About Greenidge Generation
Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a
vertically integrated cryptocurrency datacenter and power
generation company. Greenidge is committed to 100% carbon-neutral
datacenter operations at all of its locations by utilizing
low-carbon sources of energy and offsetting its carbon
footprint.
Use of Non-GAAP
Information
To provide investors and others with additional information
regarding the financial results of Greenidge (the "Company"), the
Company has disclosed in this press release certain non-GAAP
operating performance measures of Adjusted EBITDA, Adjusted EBITDA
margin, LTM Adjusted EBITDA and Adjusted net (loss) income.
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 costs associated with the
merger with Support.com, costs of becoming a public company (which
included the costs of a corporate reorganization from an LLC,
public registration of shares and associated costs), business
expansion costs, impairments of goodwill and long-lived assets and
remeasurement of environmental liabilities. Adjusted EBITDA margin
is the percentage of Adjusted EBITDA of revenue. LTM Adjusted
EBITDA is Adjusted EBITDA over the last twelve-month period.
Adjusted net (loss) income is net (loss) income adjusted for the
after-tax impacts of special items determined by management,
including but not limited to costs associated with the merger with
Support.com, costs of becoming a public company (which included the
costs of a corporate reorganization from an LLC, public
registration of shares and associated costs), business expansion
costs, impairments of goodwill and long-lived assets, remeasurement
of environmental liabilities and tax charges for the recognition of
valuation allowances on deferred tax assets. These non-GAAP
financial measures are a supplement to and not a substitute for or
superior to, the Company's results presented in accordance with
U.S. GAAP. The non-GAAP financial measures presented by the Company
may be different from non-GAAP financial measures presented by
other companies. Specifically, the Company believes the non-GAAP
information provides useful measures to investors regarding the
Company's financial performance by excluding certain costs and
expenses that the Company 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. A reconciliation of the non-GAAP
financial measures to U.S. GAAP results is included herein.
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, such as statements concerning
(i) the development of facilities in South Carolina and New York, (ii) future mining capacity, (iii)
future electrical capacity, (iv) future liquidity, (v) the ability
to obtain future debt or equity financing, and (vi) the Department
Title V Air Permit appeal process, 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, 2021, in Part II,
Item 1A. "Risk Factors" of Greenidge's Quarterly Report on Form
10-Q for the period ended June 30,
2022, and its other filings with the Securities and Exchange
Commission, as well as statements about or relating to or otherwise
affected by the completion of management's final review of the
financial results and Greenidge's other closing procedures.
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.
For further information, please contact:
Investor Relations
investorrelations@greenidge.com
Media Inquiries
media@greenidge.com
GREENIDGE GENERATION
HOLDINGS INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
FOR THE THREE MONTHS
ENDED JUNE 30, 2022 AND 2021
|
|
Amounts denoted in
000's (except per share data)
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Variance
|
|
REVENUE:
|
|
|
|
|
|
|
|
|
|
Cryptocurrency
datacenter
|
|
$
|
20,067
|
|
|
$
|
14,064
|
|
|
|
43
|
%
|
Power and
capacity
|
|
|
2,859
|
|
|
|
2,112
|
|
|
|
35
|
%
|
Services and
other
|
|
|
8,413
|
|
|
|
-
|
|
|
N/A
|
|
Total
revenue
|
|
|
31,339
|
|
|
|
16,176
|
|
|
|
94
|
%
|
OPERATING COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
Cost of revenue -
cryptocurrency datacenter
(exclusive of depreciation and amortization)
|
|
|
11,664
|
|
|
|
2,754
|
|
|
|
324
|
%
|
Cost of revenue - power
and capacity
(exclusive of depreciation and amortization)
|
|
|
3,172
|
|
|
|
1,970
|
|
|
|
61
|
%
|
Cost of revenue -
Services and other
(exclusive of depreciation and amortization)
|
|
|
3,573
|
|
|
|
-
|
|
|
N/A
|
|
Selling, general and
administrative
|
|
|
11,088
|
|
|
|
3,627
|
|
|
|
206
|
%
|
Merger and other
costs
|
|
|
485
|
|
|
|
938
|
|
|
|
-48
|
%
|
Depreciation and
amortization
|
|
|
4,867
|
|
|
|
1,603
|
|
|
|
204
|
%
|
Impairment of
long-lived assets
|
|
|
71,500
|
|
|
|
-
|
|
|
|
|
Remeasurement of
environmental liabilities
|
|
|
11,109
|
|
|
|
-
|
|
|
|
|
(Loss) income from
operations
|
|
|
(86,119)
|
|
|
|
5,284
|
|
|
|
-1730
|
%
|
OTHER (EXPENSE) INCOME,
NET:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(6,910)
|
|
|
|
(202)
|
|
|
|
3321
|
%
|
(Loss) gain on sale of
digital assets
|
|
|
(10)
|
|
|
|
(154)
|
|
|
|
-94
|
%
|
Gain on sale of
assets
|
|
|
629
|
|
|
|
-
|
|
|
|
|
Other income,
net
|
|
|
17
|
|
|
|
(13)
|
|
|
|
-231
|
%
|
Total expense,
net
|
|
|
(6,274)
|
|
|
|
(369)
|
|
|
|
1600
|
%
|
LOSS BEFORE INCOME
TAXES
|
|
|
(92,393)
|
|
|
|
4,915
|
|
|
|
-1980
|
%
|
Provision for income
taxes
|
|
|
15,489
|
|
|
|
1,397
|
|
|
|
1009
|
%
|
NET (LOSS)
INCOME
|
|
$
|
(107,882)
|
|
|
$
|
3,518
|
|
|
|
-3167
|
%
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(2.61)
|
|
|
$
|
0.12
|
|
|
|
|
Diluted
|
|
$
|
(2.61)
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net loss (income) to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(107,882)
|
|
|
$
|
3,518
|
|
|
|
|
Provision for income
taxes
|
|
|
15,489
|
|
|
|
1,397
|
|
|
|
|
Interest expense,
net
|
|
|
6,910
|
|
|
|
202
|
|
|
|
|
Depreciation and
amortization
|
|
|
4,867
|
|
|
|
1,603
|
|
|
|
|
EBITDA
|
|
|
(80,616)
|
|
|
|
6,720
|
|
|
|
|
Stock-based
compensation
|
|
|
306
|
|
|
|
407
|
|
|
|
|
Impairment of
long-lived assets
|
|
|
71,500
|
|
|
|
-
|
|
|
|
|
Remeasurement of
environmental liability
|
|
|
11,109
|
|
|
|
-
|
|
|
|
|
Merger and other
costs
|
|
|
485
|
|
|
|
938
|
|
|
|
|
Expansion
costs
|
|
|
88
|
|
|
|
-
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
2,872
|
|
|
$
|
8,065
|
|
|
|
|
Adjusted EBITDA
percentage of revenue
|
|
|
9.2
|
%
|
|
|
49.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net (loss) income to Adjusted Net income (loss):
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(107,882)
|
|
|
$
|
3,518
|
|
|
|
|
Impairment of
long-lived assets
|
|
|
71,500
|
|
|
|
-
|
|
|
|
|
Remeasurement of
environmental liability
|
|
|
11,109
|
|
|
|
-
|
|
|
|
|
Merger and other costs,
after tax
|
|
|
485
|
|
|
|
680
|
|
|
|
|
Expansion costs, after
tax
|
|
|
88
|
|
|
|
-
|
|
|
|
|
Tax charge for
valuation allowance
|
|
|
15,056
|
|
|
|
-
|
|
|
|
|
Adjusted net (loss)
income:
|
|
$
|
(9,644)
|
|
|
$
|
4,198
|
|
|
|
|
GREENIDGE GENERATION
HOLDINGS INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
Amounts denoted in
$000's
|
|
|
|
|
|
|
|
|
June
30,2022
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
December 31,
2021
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
66,382
|
|
|
$
|
82,599
|
|
|
Short term
investments
|
|
-
|
|
|
|
496
|
|
|
Digital
assets
|
|
323
|
|
|
|
476
|
|
|
Accounts
receivable
|
|
6,520
|
|
|
|
5,524
|
|
|
Prepaid
expenses
|
|
11,286
|
|
|
|
9,146
|
|
|
Emissions and carbon
offset credits
|
|
1,260
|
|
|
|
2,361
|
|
|
|
|
|
Total current
assets
|
|
85,771
|
|
|
|
100,602
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
|
Property and equipment,
net
|
|
249,202
|
|
|
|
217,091
|
|
|
Right-of-use
assets
|
|
1,278
|
|
|
|
1,472
|
|
|
Intangible
assets
|
|
3,073
|
|
|
|
3,537
|
|
|
Goodwill
|
|
3,062
|
|
|
|
3,062
|
|
|
Deferred tax
assets
|
|
17
|
|
|
|
15,058
|
|
|
Other long-term
assets
|
|
563
|
|
|
|
445
|
|
|
|
|
|
Total assets
|
$
|
342,966
|
|
|
$
|
341,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
12,054
|
|
|
$
|
5,923
|
|
|
Accrued emissions
expense
|
|
3,890
|
|
|
|
2,634
|
|
|
Accrued
expenses
|
|
17,424
|
|
|
|
10,375
|
|
|
Income taxes
payable
|
|
165
|
|
|
|
2,481
|
|
|
Long-term debt, current
portion
|
|
65,016
|
|
|
|
19,577
|
|
|
Lease obligation,
current portion
|
|
291
|
|
|
|
736
|
|
|
|
|
|
Total current
liabilities
|
|
98,840
|
|
|
|
41,726
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Long-term debt, net of
current portion and deferred financing fees
|
|
110,752
|
|
|
|
75,251
|
|
|
Lease obligation, net
of current portion
|
|
166
|
|
|
|
193
|
|
|
Asset retirement
obligations
|
|
-
|
|
|
|
2,691
|
|
|
Environmental
liability
|
|
22,415
|
|
|
|
8,615
|
|
|
Other long-term
liabilities
|
|
361
|
|
|
|
368
|
|
|
|
|
|
Total
liabilities
|
|
232,534
|
|
|
|
128,844
|
|
STOCKHOLDERS'
EQUITY
|
|
110,432
|
|
|
|
212,423
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
342,966
|
|
|
$
|
341,267
|
|
GREENIDGE GENERATION
HOLDINGS INC. AND SUBSIDIARIES
|
|
LTM ADJUSTED
EBITDA
|
|
RECONCILIATION OF
NET (LOSS) INCOME TO ADJUSTED EBITDA
|
|
Amounts denoted in
000's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing
|
|
|
Fiscal
Year
|
|
|
Six Months
Ended
|
|
|
Six Months
Ended
|
|
|
12
Months
|
|
|
2021
|
|
|
June 30,
2021
|
|
|
June 30,
2022
|
|
|
June 30,
2022
|
|
Net (loss)
income
|
$
|
(44,480)
|
|
|
$
|
4,797
|
|
|
$
|
(108,310)
|
|
|
$
|
(157,587)
|
|
Provision for income
taxes
|
|
408
|
|
|
|
2,129
|
|
|
|
15,121
|
|
|
|
13,400
|
|
Interest expense,
net
|
|
3,692
|
|
|
|
390
|
|
|
|
10,262
|
|
|
|
13,564
|
|
Depreciation and
amortization
|
|
8,855
|
|
|
|
2,864
|
|
|
|
8,845
|
|
|
|
14,836
|
|
EBITDA
|
|
(31,525)
|
|
|
|
10,180
|
|
|
|
(74,082)
|
|
|
|
(115,787)
|
|
Stock-based
compensation
|
|
3,770
|
|
|
|
1,063
|
|
|
|
669
|
|
|
|
3,376
|
|
Goodwill
impairment
|
|
42,307
|
|
|
|
-
|
|
|
|
-
|
|
|
|
42,307
|
|
Impairment of
long-lived assets
|
|
-
|
|
|
|
-
|
|
|
|
71,500
|
|
|
|
71,500
|
|
Merger and other
costs
|
|
32,272
|
|
|
|
1,248
|
|
|
|
698
|
|
|
|
31,722
|
|
Expansion
costs
|
|
2,362
|
|
|
|
-
|
|
|
|
2,192
|
|
|
|
4,554
|
|
Remeasurement of
environmental liabilities
|
|
3,688
|
|
|
|
-
|
|
|
|
11,109
|
|
|
|
14,797
|
|
Adjusted
EBITDA
|
$
|
52,874
|
|
|
$
|
12,491
|
|
|
$
|
12,086
|
|
|
$
|
52,469
|
|
SOURCE Greenidge Generation Holdings Inc.