Greenidge Restructures ~$76 Million of Secured Debt with NYDIG, Reducing
Obligations to ~$17 Million, With
Potential for Additional $10 Million
Reduction
Greenidge Restructures B. Riley $11 Million Promissory Note, Reducing Cash
Obligations to ~$9 Million
Enters into Hosting Agreements with NYDIG
Affiliates With Gross Profit-Sharing Component to Allow Greenidge
to Participate in Potential Bitcoin Price
Appreciation
Continues to Own ~10,000 Miners with a
Capacity of ~1.1 EH/s
Completes Sale of a Portion of Support.com for
~$3.0 Million
Announces Selected Preliminary Fourth
Quarter Financial Results
FAIRFIELD, Conn., Jan. 31,
2023 /PRNewswire/ -- Greenidge Generation Holdings
Inc. (NASDAQ: GREE) ("Greenidge" or the "Company"), a vertically
integrated cryptocurrency datacenter and power
generation company, today provided an update on the restructuring
of its secured debt agreements with NYDIG ABL LLC ("NYDIG") and B.
Riley Commercial Capital, LLC ("B. Riley"), as well as the
execution of hosting agreements with NYDIG affiliates and also
announced selected preliminary financial and operating results for
the fourth quarter of 2022.
"The debt restructuring we've announced today significantly
improves our balance sheet and provides us with a clear path
forward as we enter 2023," said Dave
Anderson, Chief Executive Officer of Greenidge. "We
appreciate the steadfast partnership of our secured lenders, NYDIG
and B. Riley, who have collaborated with us to offer mutually
beneficial solutions. These agreements have effectively reduced our
secured debt balances with these lenders from approximately
$87 million to approximately
$26 million and have the strong
potential to allow us to further reduce our debt. "We are actively
working to secure and develop a new mining site, in partnership
with NYDIG, which will reduce our debt by an additional
$10 million. We are also actively
pursuing the sale of excess real estate at our site in Spartanburg, South Carolina, which is expected
to reduce our debt with B. Riley by an additional $6 to $7
million."
"The completion of this debt restructuring, coupled with the
execution of the new hosting agreements, has significantly improved
our immediate liquidity and allows us to continue participating in
the future upside potential of bitcoin," Anderson
added.
"The steps being announced today represent tangible progress in
solidifying Greenidge's liquidity position while, at the same time,
demonstrating the confidence of our lenders in our ability to
execute in the future," said Tim
Fazio, Chairman of the Board of Greenidge. "We
appreciate the strong work of our Leadership Team and the
partnership of NYDIG and B. Riley."
"I want to congratulate the management team and Atlas for
successfully restructuring the balance sheet and operations of
Greenidge to benefit all stakeholders. We believe the company
is well positioned to opportunistically take advantage of
disruptions in the crypto industry," said Bryant Riley, Chairman and Co-Chief Executive
Officer of B. Riley Financial, Inc.
KEY DETAILS
Debt Restructuring
- Greenidge has restructured the secured debt with NYDIG of
approximately $76 million, including
accrued interest, reducing it to approximately $17 million, with the potential to reduce it to
approximately $7 million, as
follows:
-
- Greenidge transferred miners to NYDIG with approximately 2.8
EH/s of mining capacity and will have approximately 1.1 EH/s of
mining capacity remaining
- Greenidge transferred certain credits and coupons to NYDIG
- The transfer of the miners, credits and coupons reduced the
NYDIG debt balance by approximately $59
million to approximately $17
million
- Further debt reduction of approximately $10 million is possible, contingent upon
Greenidge facilitating for NYDIG the rights to a mining site within
three months
- Greenidge has also entered into a hosting agreement with NYDIG
affiliates, which will result in a material change to Greenidge's
current business strategy with Greenidge largely operating miners
owned by NYDIG affiliates
- Entered into an amendment to the amended and restated bridge
promissory note in favor of B. Riley ("Promissory Note") regarding
approximately $11 million of debt,
including accrued interest, which included the following
terms:
-
- B. Riley agreed to purchase $1
million of Greenidge's class A common stock on a principal
basis at a price of $0.75 per share
pursuant to the ATM Agreement
- Atlas Holdings LLC agreed that one of its affiliates will
purchase $1 million of Greenidge's
class A common stock at market prices through B. Riley acting in
its capacity as sales agent pursuant to the ATM Agreement
- Greenidge agreed to make a principal payment of $1.9 million to B. Riley
- No further principal or interest payments required to be made
on the Promissory Note until June
2023
- Greenidge is actively pursuing the sale of excess real estate
that would be subdivided from the property housing its mining
facility in South Carolina in
order to apply such net proceeds to repay a portion of the
Promissory Note
- In the event Greenidge repays a principal amount in excess of
$6 million prior to June 20, 2023, the monthly loan payment
commencing in June 2023 would be
approximately $400,000 instead of the
currently scheduled monthly amortization payments of $1.5 million
- The percentage of proceeds required to prepay the Promissory
Note from sales of equity by Greenidge under the equity purchase
agreement and the ATM Agreement have been reduced to 15%, improving
the Company's liquidity
- Greenidge will pay B. Riley a $1
million amendment fee payable in Greenidge's class A common
stock issuable at $0.75 per share
acquired on a principal basis under the ATM Agreement
Hosting Agreements
- Greenidge entered into certain five-year hosting agreements
with NYDIG affiliates to host the miners transferred to NYDIG
- Includes a profit-sharing component allowing Greenidge to
participate in the upside as bitcoin prices rise, but
reduces Greenidge's downside risk of bitcoin price
deterioration and cost increases related to natural gas
- Covers all of Greenidge's current mining capacity at the
New York and South Carolina facilities, and may also cover
capacity at a potential third site pursuant to satisfaction of
certain post-closing covenants
- Greenidge's liquidity is improved by NYDIG's prepayment of
certain amounts
Mining Operations
- Greenidge will continue to own approximately 10,000 miners with
a capacity of approximately 1.1 EH/s
NYDIG Agreements
On January 30,
2023, Greenidge entered into a number of agreements
associated with its secured debt with NYDIG, including a Membership
Interest and Asset Purchase Agreement, a Senior Secured Loan
Agreement and a Debt Settlement Agreement regarding its 2021 and
2022 Master Equipment Finance Agreements with NYDIG. The effect of
these agreements was to transfer ownership of bitcoin
mining equipment and certain credits and coupons that had accrued
to Greenidge for previous purchases of mining equipment with a
bitcoin miner manufacturer. The transfer of these
assets reduced the principal and accrued interest balance of the
secured debt with NYDIG from approximately $76 million to approximately $17 million, for an aggregate debt reduction of
approximately $59 million. The Senior
Secured Loan Agreement allows for a voluntary prepayment of the
loan in kind of approximately $10
million by transferring ownership of certain mining
infrastructure assets if NYDIG enters into a binding agreement,
facilitated by Greenidge, securing rights to a site for a future
mining facility within the next three months (the "Post-Closing
Covenant"), which may further reduce the principal balance of the
debt to approximately $7 million.
The restructuring of the NYDIG debt will significantly improve
Greenidge's liquidity during 2023 as annual interest payments on
the remaining approximately $17
million principal balance would be approximately
$2.6 million and may be reduced to
approximately $1.1 million annually
if the Post-Closing Covenant is satisfied. This reduced debt
service is substantially lower than the $62.7 million of principal and interest payments
which would have been required in 2023 pursuant to the 2021 and
2022 Master Equipment Finance Agreements, both of which have now
been refinanced.
Greenidge provided additional collateral on its remaining
mining-related assets, infrastructure assets, equity of its
subsidiaries and certain cash balances to secure the remaining debt
balance with NYDIG. The loan agreement contains certain
affirmative, negative and financial covenants, including the
maintenance of a minimum cash balance of $10
million, early amortization events, and events of
default.
Greenidge and NYDIG affiliates have concurrently entered into
certain five-year hosting agreements, whereby Greenidge agreed to
host, power and provide technical support services, and other
related services, to NYDIG Affiliates' mining equipment at certain
Greenidge facilities. The terms of such arrangements requires NYDIG
affiliates to pay a hosting fee that covers the cost of power and
direct costs associated with management of the mining facilities,
as well as a gross profit-sharing arrangement.
B. Riley Amendment
On January
30, 2023, Greenidge entered into an amendment (the
"Amendment") to its amended and restated bridge promissory note in
favor of B. Riley (the "Promissory Note") regarding approximately
$11 million of principal and accrued
interest. The Amendment modifies the payment dates and principal
and interest payment amounts, requiring no principal or interest
payments until June 2023 and monthly
payments thereafter through November
2023. Under the Amendment, Greenidge's mandatory monthly
debt repayments from proceeds of sales under the ATM Agreement or
the equity purchase agreement have been reduced to 15% of the net
proceeds, which significantly improves the Company's ability to
raise additional liquidity. In addition, Greenidge would
potentially reduce its monthly principal amortization payments from
approximately $1.5 million to
$400,000 per month, if it were to pay
at least $6 million of principal debt
prior to June 20, 2023. Greenidge
agreed to pay a $1 million dollar
amendment fee to B. Riley payable in Greenidge's class A common
stock valued at $0.75 per
share.
Under the terms of the Amendment, it was agreed that each of B.
Riley and an affiliate of Atlas Holding LLC would purchase
$1 million of Greenidge's class A
common stock under the ATM Agreement. B. Riley will purchase stock
on a principal basis at a price of $0.75 per share pursuant to the ATM Agreement and
an affiliate of Atlas Holdings LLC will purchase shares at market
prices through B. Riley acting in its capacity as sales agent under
the ATM Agreement. Greenidge would be required to make a
$1.9 million partial payment of the
Promissory Note, reducing the principal balance due under the
Promissory Note to approximately $9
million. Additionally, Greenidge is actively pursuing the
sale of excess real estate that is not needed for the mining
operations at its South Carolina
property. Under the terms of the Promissory Note, if all or a
portion of the South Carolina
property is sold, the net proceeds from the sale are required to be
used to repay the Promissory Note. The Company estimates that it
would repay approximately $6 to
$7 million of the Promissory Note if
it were to complete a sale of the excess real estate.
Support.com Asset Sale
On January 17, 2023, Greenidge completed the sale of
an end-user software that its subsidiary, Support.com, marketed as
a malware protection and removal software product for net proceeds
of approximately $2.6 million.
Select Preliminary Financial Results for the Fourth Quarter
of 2022
For the three months ended December 31, 2022, Greenidge expects to report
revenue of approximately $15 million,
net loss from continuing operations in a range of approximately
$(120) million to approximately
$(130) million and Adjusted EBITDA
(loss) from continuing operations in a range of approximately
$(6) million to approximately
$(4) million. The GAAP net loss from
continuing operations includes an expected noncash charge for the
impairment of long-lived assets in the range of $93 million to $100
million and an approximate noncash charge of $4 million for the remeasurement of environmental
liabilities. Cryptocurrency datacenter revenue is
expected to be approximately $12
million and Power and capacity revenue is expected to be
approximately $3 million for the
fourth quarter of 2022. Greenidge produced approximately 683
bitcoin during the fourth quarter of 2022.
Greenidge ended the quarter with approximately $16 million of cash and fair value of
crypto currency holdings, of which less than
$1 million was
cryptocurrency holdings, and approximately
$152 million of debt, net of debt
issue costs.
As previously disclosed, Greenidge is considering various
alternatives in connection with its wholly owned subsidiary,
Support.com, including the disposition of assets and other
transactions. For investors who may want to consider the effects of
the above noted changes in advance of the announcement of 2022
year-end results, Greenidge is furnishing certain unaudited
summarized financial information in the tables below. Greenidge
will report the results of Support.com as discontinued operations
in its Annual Report on Form 10-K for the year ended December 31, 2022. Presentation as
discontinued operations requires prior periods to be restated to be
comparable. See the tables below for the Consolidated Statement of
Operations restated to present Support.com as discontinued
operations for the year ended December 31,
2021 and for the three month periods ended March 31, 2022, June 30,
2022, and September 30, 2022.
During January 2023, Greenidge sold
certain assets of the Support.com business for net proceeds of
approximately $2.6 million and
continues to assess various alternatives in connection with the
remainder of that business.
This information does not restate Greenidge's previously
reported consolidated financial statements for any period. It does
not change Greenidge's previously reported consolidated total
assets, liabilities or stockholders' equity or its reported
consolidated net income or earnings per share, nor does it reflect
any subsequent information or events, other than as required to
reflect the disclosure of discontinued operations as described
above. The updated information should be read in conjunction with
our previously filed reports on Form 10-K and Form 10-Q.
Preliminary Financial and Operating Results
The
preliminary financial and operating results set forth above for the
three months ended December 31,
2022, reflect preliminary estimates with respect to such
results based solely on currently available information, which is
subject to change. Readers are cautioned not to place undue
reliance on such preliminary results which are unaudited and
constitute forward-looking statements. Greenidge has not completed
its standard closing process, including the completion of all of
its controls procedures, which could identify adjustments causing
the actual results to be different from the expectations presented
in this release. These estimates should not be viewed as a
substitute for Greenidge's full quarterly financial statements for
the three months ended December 31,
2022, which will be prepared in accordance
with U.S. GAAP.
About Greenidge Generation Holdings Inc.
Greenidge
Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated
cryptocurrency datacenter and power generation
company.
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) potential reductions in debt balances under the Senior Secured
Loan Agreement dated as of January 30,
2023 with NYDIG, (ii) potential reductions in debt balances
under the Promissory Note, (iii) ability to secure rights to a
mining site to satisfactorily meet the requirements of the
Post-Closing Covenant, and (iv) ability to sell excess real estate
in South Carolina at an adequate
amount prior to June 20, 2023, 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 September 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.
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 certain non-GAAP operating performance measures
of Adjusted EBITDA (loss) from continuing operations. Adjusted
EBITDA (loss) from continuing operations is defined as earnings
from continuing operations 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,
gains or losses from the sales of long-lived assets and
remeasurement of environmental liabilities. 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. A reconciliation of the
non-GAAP financial measures to U.S. GAAP results is included
herein.
Because of these limitations, EBITDA from continuing operations
and Adjusted EBITDA from continuing operations 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. You should
review the reconciliation of net loss from continuing operations to
EBITDA (loss) from continuing operations and Adjusted EBITDA (loss)
from continuing operations below and not rely on any single
financial measure to evaluate Greenidge's business.
The following table reconciles the expected ranges of net loss
from continuing operations to the expected ranges of EBITDA from
continuing operations and Adjusted EBITDA from continuing
operations for the three months ended December 31, 2022 (in millions, unaudited):
Amounts denoted in
millions
|
Fourth Quarter
2022
|
|
Low
|
High
|
Net loss from
continuing operations
|
$(120)
|
$(130)
|
Provision for income
taxes
|
—
|
—
|
Interest expense,
net
|
5
|
5
|
Depreciation and
amortization
|
13
|
13
|
EBITDA (loss) from
continuing operations
|
$(102)
|
$(112)
|
Stock-based
compensation
|
2
|
2
|
Impairment of
long-lived assets
|
93
|
100
|
Remeasurement of
environmental liabilities
|
4
|
4
|
Gain on sales of
assets, net
|
(2)
|
(2)
|
Other
|
1
|
2
|
Adjusted EBITDA (loss)
from continuing operations
|
$ (4)
|
$ (6)
|
The following table provides the Consolidated Balance Sheets
restated to present Support.com as discontinued operations as of
September 30, 2022 and December 31, 2021.
GREENIDGE GENERATION
HOLDINGS INC. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
28,013
|
|
$
82,599
|
Restricted
Cash
|
10,500
|
|
—
|
Short term
investments
|
—
|
|
496
|
Digital
assets
|
337
|
|
476
|
Accounts
receivable
|
277
|
|
237
|
Prepaid
expenses
|
8,317
|
|
7,484
|
Emissions and carbon
offset credits
|
1,259
|
|
2,361
|
Current assets held for
sale
|
5,804
|
|
6,949
|
Total current
assets
|
54,507
|
|
100,602
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
Property and equipment,
net
|
245,272
|
|
216,012
|
Right-of-use
assets
|
222
|
|
1,472
|
Deferred tax
asset
|
—
|
|
15,058
|
Other long-term
assets
|
356
|
|
181
|
Long-term assets held
for sale
|
6,990
|
|
7,942
|
Total assets
|
$
307,347
|
|
$
341,267
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
3,822
|
|
$
5,749
|
Accrued emissions
expense
|
5,226
|
|
2,634
|
Accrued
expenses
|
11,794
|
|
6,683
|
Income taxes
payable
|
—
|
|
2,344
|
Notes payable, current
portion
|
73,218
|
|
19,577
|
Lease obligations,
current portion
|
112
|
|
736
|
Current liabilities
held for sale
|
4,193
|
|
4,003
|
Total current
liabilities
|
98,365
|
|
41,726
|
|
|
|
—
|
LONG-TERM
LIABILITIES:
|
|
|
|
Notes payable, net of
current portion
|
96,515
|
|
75,251
|
Lease obligations, net
of current portion
|
137
|
|
193
|
Environmental
liability
|
22,415
|
|
11,306
|
Long-term liabilities
held for sale
|
219
|
|
368
|
Total
liabilities
|
217,651
|
|
128,844
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Preferred stock, par
value $0.0001, 20,000,000 shares authorized, none
outstanding
|
—
|
|
—
|
Common stock, par value
$0.0001, 3,000,000,000 shares authorized,
42,964,462 and 40,865,336 shares issued and outstanding as of
September 30, 2022 and December 31, 2021, respectively
|
4
|
|
4
|
Additional paid-in
capital
|
290,576
|
|
281,815
|
Accumulated
deficit
|
(200,884)
|
|
(69,396)
|
Total stockholders'
equity
|
89,696
|
|
212,423
|
Total liabilities and
stockholders' equity
|
$
307,347
|
|
$
341,267
|
The following table provides the Consolidated Statements of
Operations restated to present Support.com as discontinued
operations for the year ended December 31,
2021 and for the three month periods ended March 31, 2022, June 30,
2022, and September 301, 2022.
GREENIDGE GENERATION
HOLDINGS INC. AND SUBSIDIARIES
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Amounts denoted in
thousands
|
|
|
|
|
|
|
Three Months
Ended:
|
|
Twelve Months
Ended:
|
|
March 31,
2022
|
June 30,
2022
|
September 30,
2022
|
|
December 31,
2021
|
Revenue:
|
|
|
|
|
|
Cryptocurrency
datacenter
|
$
23,232
|
$ 20,067
|
$
18,272
|
|
$
87,897
|
Power and
capacity
|
5,923
|
2,859
|
3,613
|
|
9,428
|
Total
revenue
|
29,155
|
22,926
|
21,885
|
|
97,325
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of revenue -
cryptocurrency datacenter (exclusive of depreciation and
amortization)
|
8,456
|
11,664
|
14,675
|
|
19,159
|
Cost of revenue - power
and capacity (exclusive of depreciation and
amortization)
|
4,023
|
3,172
|
3,760
|
|
9,231
|
Selling, general and
administrative
|
11,809
|
8,291
|
7,789
|
|
23,989
|
Depreciation and
amortization
|
3,653
|
4,537
|
13,511
|
|
8,474
|
Impairment of
long-lived assets
|
—
|
71,500
|
—
|
|
—
|
Remeasurement of
environmental liability
|
—
|
11,109
|
—
|
|
3,688
|
Total operating costs and expenses
|
27,941
|
110,273
|
39,735
|
|
64,541
|
Income (loss) from
operations
|
1,214
|
(87,347)
|
(17,850)
|
|
32,784
|
Other income (expense),
net:
|
|
|
|
|
|
Interest expense,
net
|
(3,353)
|
(6,910)
|
(5,430)
|
|
(3,689)
|
Interest expense -
related party
|
—
|
—
|
—
|
|
(22)
|
(Loss) gain on sale of
digital assets
|
(5)
|
(10)
|
—
|
|
275
|
Gain (loss) on sale of
assets
|
—
|
629
|
(759)
|
|
—
|
Other income,
net
|
16
|
22
|
126
|
|
153
|
Total other expense,
net
|
(3,342)
|
(6,269)
|
(6,063)
|
|
(3,283)
|
(Loss) income from
continuing operations before taxes
|
(2,128)
|
(93,616)
|
(23,913)
|
|
29,501
|
(Benefit) provision for
income taxes
|
(381)
|
15,419
|
—
|
|
370
|
Net (loss) income from
continuing operations
|
(1,747)
|
(109,035)
|
(23,913)
|
|
29,131
|
Income (loss) from
discontinued operations, net of tax
|
1,318
|
1,153
|
736
|
|
(73,611)
|
Net loss
|
$
(429)
|
$
(107,882)
|
$
(23,177)
|
|
$
(44,480)
|
|
|
|
|
|
|
(Loss) earnings per
basic share:
|
|
|
|
|
|
(Loss) earnings per
basic share from continuing operations
|
$
(0.04)
|
$
(2.64)
|
$
(0.57)
|
|
$
0.89
|
Earnings (loss) per
basic share from discontinued operations
|
0.03
|
0.03
|
0.02
|
|
(2.30)
|
(Loss) earnings per
basic share
|
$
(0.01)
|
$
(2.61)
|
$
(0.55)
|
|
$
(1.41)
|
|
|
|
|
|
|
(Loss) earnings per
diluted share:
|
|
|
|
|
|
(Loss) earnings per
diluted share from continuing operations
|
$
(0.04)
|
$
(2.64)
|
$
(0.57)
|
|
$
0.78
|
Earnings (loss) per
diluted share from discontinued operations
|
0.03
|
0.03
|
0.02
|
|
(2.01)
|
(Loss) earnings per
diluted share
|
$
(0.01)
|
$
(2.61)
|
$
(0.55)
|
|
$
(1.23)
|
|
|
|
|
|
|
Average Shares
Outstanding
|
|
|
|
|
|
Basic
|
41,058
|
41,555
|
42,239
|
|
31,995
|
Diluted
|
41,058
|
41,555
|
42,239
|
|
36,635
|
For further information, please contact:
Investor Relations
investorrelations@greenidge.com
Media Inquiries
media@greenidge.com
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content:https://www.prnewswire.com/news-releases/greenidge-generation-restructures-and-significantly-reduces-secured-debt-301734108.html
SOURCE Greenidge Generation Holdings Inc.