Greenidge Generation Reports Record Revenue in Q3, Names New CFO

New York-based miner Greenidge Generation (GREE) reported record quarterly revenue of $35.8 million in Q3, up almost 500% from $6.1 million a year ago.

• According to its statement, Greenidge’s adjusted EBITDA for the third quarter was $21.2 million, increasing more than 2,600% from $0.8 million last year.
• On Oct. 25, B. Riley analyst Lucas Pipes, who is the only analyst covering Greenidge, estimated the company’s third-quarter revenue to be $36.4 million and adjusted EBITDA of $19.9 million.
• The adjusted Ebitda margin in the third quarter increased to 59.2% versus 12.7% in Q3 the previous year.
• The company named Robert Loughran to be its new CFO, succeeding Timothy Rainey. Rainey will remain as treasurer at Greenidge and CFO of the company’s operating subsidiaries in New York.
• Greenidge mined 729 bitcoins in the third quarter, up 196% from 246 bitcoins in the third quarter last year.
• The miner had 1.2 EH/s mining power as of Sept. 30 and expects to reach total hash rate capacity of 1.4 EH/s by the end of the year.
• The company also ordered additional miners after September 30, 2021 bringing total committed capacity to about 49,000 miners and 4.7 EH/s of capacity, including Greenidge’s launch order for Bitmain’s new Antminer S19 XP.
• Greenidge’s shares were down 2.2% to $24.80 on Monday following the release of its earnings.

UPDATE (Nov. 15 16:02 UTC): Corrects spelling of the new CFO’s name.