VIP

gree-20261005

FALSE000184497100018449712026-10-052026-10-050001844971us-gaap:CommonClassAMember2026-10-052026-10-050001844971gree:SeniorNotesDue2026850Member2026-10-052026-10-05

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

October 5, 2026

Date of Report (date of earliest event reported)

Vulcan Infrastructure and Power Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

1159 Pittsford-Victor Road, Suite 240

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

VIP

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.

The information set forth in Item 8.01 of this Current Report on Form 8-K with respect to the preliminary and unaudited financial information included in the press release is incorporated by reference into this Item 2.02.

Item 8.01 – Other Events.

On October 5, 2026, Vulcan Infrastructure and Power Inc. (the “Company”) issued a press release announcing the delivery of a notice of redemption to the holders of all of its outstanding 8.50% Senior Notes due 2026 (the “2026 Notes”), pursuant to which all outstanding 2026 Notes are expected to be redeemed on October 13, 2026 (the “Redemption Date”) at a redemption price equal to 100% of the principal amount of 2026 Notes to be redeemed, plus accrued and unpaid interest up to, but excluding, the Redemption Date. The press release included preliminary and unaudited information regarding the Company’s cash and digital assets as of September 30, 2026 and the Company’s expected cash and digital assets following the anticipated redemption of the 2026 Notes and payment of remaining expenses related to the Company’s previously announced PIPE transaction. 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 Items 2.02 and 8.01, including Exhibit 99.1, of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

No Offer to Sell or Solicit

This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

Redemption Notice

This Current Report on Form 8-K does not constitute a notice of redemption with respect to the 2026 Notes, nor does it constitute an offer to purchase or redeem, or a solicitation of an offer to sell, the 2026 Notes. The redemption of the 2026 Notes is being effected solely pursuant to the notice of redemption delivered in accordance with the indenture and

gree-20260814

FALSE000184497100018449712026-08-142026-08-140001844971us-gaap:CommonClassAMember2026-08-142026-08-140001844971gree:SeniorNotesDue2026850Member2026-08-142026-08-14

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

August 14, 2026

Date of Report (date of earliest event reported)

Vulcan Infrastructure and Power Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

1159 Pittsford-Victor Road, Suite 240

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

VIP

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 August 14, 2026, Vulcan Infrastructure and Power Inc. (formerly Greenidge Generation Holdings Inc.) (the “Company”) issued a press release announcing financial and operating results for the second quarter ended June 30, 2026. 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, 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 Vulcan’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 AI/HPC transition, the recently announced $39.4 million strategic investment in the Company, including the proposed timing, steps contemplated and approvals with respect thereto, the intended use of proceeds from the financing, and the business plan, business strategy and operations of Vulcan 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, u

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Greenidge Generation Reports Preliminary Financial and Operating Results for the Fourth Quarter and Full Year 2025

Significant Progress in Debt Reduction, Liability Management, and Power Capacity Expansion Supports Transition to AI/HPC Datacenters

Agreement with New York State for Renewal of Title V Air Permit for Dresden Facility Provides Regulatory Clarity

Dresden Facility Positions Greenidge as a Model for Responsible Datacenter and Power Generation Operations

Pittsford, NY – March 5, 2026 – Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated power generation company focused on datacenters and infrastructure development, announced preliminary financial and operating results for the fourth quarter and fiscal year ended December 31, 2025 and provided an update on the Company’s growth prospects.

Recent Fourth Quarter 2025 Highlights:

•Secured approval for a total of 100MW of future power for datacenters, including:

•60MW of non-curtailable power at the Dresden facility via grid interconnection, for which the Company is engaging with NYSEG on related facility upgrades and actively exploring options for AI/HPC datacenter development; and

•40MW of non-curtailable power available at a 34-acre greenfield site in Mississippi by Q1 2027, for which the Company is actively exploring options for AI/HPC datacenter development.

•Initiated NYISO system impact study to access additional 200MW of power at the Dresden facility via grid interconnection;

•Successfully closed on the sale of the South Carolina property for $18.0 million in cash and up to $18.0 million in potential future earnouts; and

•Held 74 Bitcoin valued at $6.5 million as of December 31, 2025.

Fourth Quarter 2025 Preliminary Financial Results:

•Total revenue of $11.5 million, a reduction of $3.7 million from Q3 2025;

•Net income of $1.9 to $2.9 million, a reduction of $10.1 to $9.1 million from Q3 2025;

•EBITDA of $4.5 to $5.5 million, a reduction of $10.5 to $9.5 million from Q3 2025;

•Adjusted EBITDA loss of $6.2 to $5.2 million, a reduction of $7.9 to $6.9 million from Q3 2025;

•Net cash flow used for operating activities of $4.6 million, a reduction of $4.7 million from Q3 2025;

•Adjusted Free Cash Flow loss of $2.0 million, a reduction of $6.3 million from Q3 2025;

•Cryptocurrency mining revenue of $2.6 million, a reduction of $1.6 million from Q3 2025;

•Datacenter hosting revenue of $3.3 million, a reduction of $3.0 million from Q3 2025;

•Power and capacity revenue of $5.6 million, an improvement of $0.8 million from Q3 2025; and

•A total of 53 Bitcoins produced, a decrease of 42 from Q3 2025.

Additional 2025 Highlights:

•Reduced outstanding principal amount of senior unsecured debt due October 2026 from $68.5 million as of FY 2024 to $36.7 million through a combination of public tender/exchange offers, privately negotiated exchange agreements and open market repurchases;

•Completed the sale of its 7.5MW Mississippi bitcoin mining facility and lower-efficiency miners for $4.2 million in cash;

•Secured agreement with the New York State Department of Environmental Conservation (“NYSDEC”) which states unequivocally that NYSDEC shall issue a final five-year Title V Air Permit modification and renewal for the Company’s Dresden facility following a public comment period and fulfillment of applicable state regulations, and that the new emissions level incorporated therein are fully consistent with New York’s Climate Leadership Community Protection Act. This will ensure that the Company’s Dresden facility, which provides significant power to the local energy grid each year, will continue to do so while also serving as a model datacenter operation; and

•Completed initial chemical composition testing on coal combustion residuals in C-Pond to support beneficial use demonstration and extend the deadline to initiate closure to October 2027 while seeking regulatory approval to complete similar testing at the Lockwood Landfill during Q2 2026.

Full Year 2025 Preliminary Financial Results:

•Total revenue of $58.8 million, a reduction of $0.8 million from FY 2024;

•Net income of $4.2 to $5.2 million, an improvement of $24.0 to $25.0 million from FY 2024;

•EBITDA of $19.9 to $20.9 million, an improvement of $19.2 to $20.2 million from FY 2024;

•Adjusted EBITDA loss of $3.1 to $2.1 million, a reduction of $8.6 to $7.6 million from FY 2024;

•Net cash flow used for operating activities of $15.0 million, a reduction of $3.0 million from FY 2024;

•Adjusted Free Cash Flow loss of $2.3 million, an improvement of $12.1 million from FY 2024;

•Cryptocurrency mining revenue of $15.2 million, a reduction of $3.8 million from FY 2024;

•Datacenter hosting revenue of $21.5 million, a reduction of $8.4 million from FY 2024;

•Power and capacity revenue of $22.2 million, an improvement of $11.4 million from FY 2024;

•A total of 371 Bitc

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Greenidge Generation Reports Preliminary Financial and Operating Results for the Fourth Quarter and Full Year 2025

Significant Progress in Debt Reduction, Liability Management, and Power Capacity Expansion Supports Transition to AI/HPC Datacenters

Agreement with NYSDEC Provides Regulatory Clarity and Path to Renewal of Five-Year Title V Air Permit for Dresden Facility

Dresden Facility Positions Greenidge as a Model for Responsible Datacenter and Power Generation Operations

Pittsford, NY – March 5, 2026 – Greenidge Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge” or the “Company”), a vertically integrated power generation company focused on datacenters and infrastructure development, announced preliminary financial and operating results for the fourth quarter and fiscal year ended December 31, 2025 and provided an update on the Company’s growth prospects.

Recent Fourth Quarter 2025 Highlights:

•Secured approval for a total of 100MW of future power for datacenters, including:

•60MW of non-curtailable power at the Dresden facility via grid interconnection, for which the Company is engaging with NYSEG on related facility upgrades and actively exploring options for AI/HPC datacenter development; and

•40MW of non-curtailable power available at a 34-acre greenfield site in Mississippi by Q1 2027, for which the Company is actively exploring options for AI/HPC datacenter development.

•Initiated NYISO system impact study to access additional 200MW of power at the Dresden facility via grid interconnection;

•Successfully closed on the sale of the South Carolina property for $18.0 million in cash and up to $18.0 million in potential future earnouts; and

•Held 74 Bitcoin valued at $6.5 million as of December 31, 2025.

Fourth Quarter 2025 Preliminary Financial Results:

•Total revenue of $11.5 million, a reduction of $3.7 million from Q3 2025;

•Net income of $1.9 to $2.9 million, a reduction of $10.1 to $9.1 million from Q3 2025;

•EBITDA of $4.5 to $5.5 million, a reduction of $10.5 to $9.5 million from Q3 2025;

•Adjusted EBITDA loss of $6.2 to $5.2 million, a reduction of $7.9 to $6.9 million from Q3 2025;

•Net cash flow used for operating activities of $4.6 million, a reduction of $4.7 million from Q3 2025;

•Adjusted Free Cash Flow loss of $2.0 million, a reduction of $6.3 million from Q3 2025;

•Cryptocurrency mining revenue of $2.6 million, a reduction of $1.6 million from Q3 2025;

•Datacenter hosting revenue of $3.3 million, a reduction of $3.0 million from Q3 2025;

•Power and capacity revenue of $5.6 million, an improvement of $0.8 million from Q3 2025; and

•A total of 53 Bitcoins produced, a decrease of 42 from Q3 2025.

Additional 2025 Highlights:

•Reduced outstanding principal amount of senior unsecured debt due October 2026 from $68.5 million as of FY 2024 to $36.7 million through a combination of public tender/exchange offers, privately negotiated exchange agreements and open market repurchases;

•Completed the sale of its 7.5MW Mississippi bitcoin mining facility and lower-efficiency miners for $4.2 million in cash;

•Secured agreement with the New York State Department of Environmental Conservation (“NYSDEC”) which states unequivocally that NYSDEC shall issue a final five-year Title V Air Permit modification and renewal for the Company’s Dresden facility following a public comment period and fulfillment of applicable state regulations, and that the new emissions level incorporated therein are fully consistent with New York’s Climate Leadership Community Protection Act. This will ensure that the Company’s Dresden facility, which provides significant power to the local energy grid each year, will continue to do so while also serving as a model datacenter operation; and

•Completed initial chemical composition testing on coal combustion residuals in C-Pond to support beneficial use demonstration and extend the deadline to initiate closure to October 2027 while seeking regulatory approval to complete similar testing at the Lockwood Landfill during Q2 2026.

Full Year 2025 Preliminary Financial Results:

•Total revenue of $58.8 million, a reduction of $0.8 million from FY 2024;

•Net income of $4.2 to $5.2 million, an improvement of $24.0 to $25.0 million from FY 2024;

•EBITDA of $19.9 to $20.9 million, an improvement of $19.2 to $20.2 million from FY 2024;

•Adjusted EBITDA loss of $3.1 to $2.1 million, a reduction of $8.6 to $7.6 million from FY 2024;

•Net cash flow used for operating activities of $15.0 million, a reduction of $3.0 million from FY 2024;

•Adjusted Free Cash Flow loss of $2.3 million, an improvement of $12.1 million from FY 2024;

•Cryptocurrency mining revenue of $15.2 million, a reduction of $3.8 million from FY 2024;

•Datacenter hosting revenue of $21.5 million, a reduction of $8.4 million from FY 2024;

•Power and capacity revenue of $22.2 million, an improvement of $11.4 million from FY 2024;

•A total o

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Greenidge Generation Highlights Historic Agreement with State of New York on New Air Permit and Reports Strong Financial and Operating Results for Third Quarter 2025

Recent Announcement by Company, NYSDEC Provides Pathway for the Issuance of a New Five-Year Permit for Dresden Power Plant

Highlights 83% Quarterly Increase in Power and Capacity Revenue to $4.7 Million, Reflecting Company’s Steadfast Commitment to Providing Power to the Grid

Reports Total Revenue of $15.2 Million; Net Income of $12.0 Million; EBITDA of $15.2 Million; Adjusted EBITDA of $1.7 Million; Net Cash Flow Provided by Operating Activities of $0.1 Million; and Adjusted Free Cash Flow of $4.3 Million

Announces Significant Reduction in Unsecured 2026 Debt Obligations by 47.2% to Date to $38 Million Following Third Tender/Exchange Offer and Halt on New Self-Tender Offers of Cash for Debt

Pittsford, NY – November 13, 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 third quarter ended September 30, 2025 and provided an update on the Company’s growth prospects.

Recent Highlights:

•Announced a landmark agreement with the New York State Department of Environmental Conservation (“NYSDEC”) providing a pathway for the issuance of a new five-year Title V Air Permit, subject to a public comment period in accordance with NYSDEC regulations and a 45-day review period by the U.S. Environmental Protection Agency, which is expected to resolve ongoing administrative and legal proceedings related thereto and ensure that the Company’s Dresden facility, which provides significant power to the local energy grid each year, will continue to do so while also serving as a model datacenter operation;

•Reduced senior unsecured debt due October 2026 to $38.0 million through privately negotiated exchanges and three public tender/exchange offers, representing a 47.2% reduction to date of the original $72.2 million in aggregate principal amount and a 35% reduction to date of the $58.3 million in aggregate principal amount outstanding at the end of the second quarter;

•Improved efficiency of Greenidge’s current active miner fleet by 10% to 21.3 J/TH from 23.7 J/TH at the end of the second quarter;

•Closed on $3.9 million sale of the Company’s 7.5MW Mississippi mining facility;

•Actively exploring the sale or development of the Company’s 60MW, 152-acre South Carolina property with multiple reputable datacenter developers;

•Continuing to explore all strategic alternatives to maximize value for all stakeholders, including hosting and tactical purchases of additional next-generation miners to enhance fleet efficiency, as well as acquiring and developing additional sites with significant low-cost power capacity, including the Company’s 37.4 acre Mississippi expansion property with access to 40MW of electrical capacity by March 2027; and

•Reported no equity sales under the Company’s equity line of credit (the “ELOC”) during the third quarter with no current plans to utilize the ELOC to sell shares.

Third Quarter 2025 Financial Results:

•Total revenue of $15.2 million, an improvement of $2.3 million from Q2 2025;

•Net income of $12.0 million, an improvement of $16.1 million from Q2 2025;

•EBITDA of $15.2 million, an improvement of $15.4 million from Q2 2025;

•Adjusted EBITDA of $1.7 million, an improvement of $1.3 million from Q2 2025;

•Net cash flow provided by operating activities of $0.1 million, an improvement of $4.9 million from Q2 2025;

•Adjusted Free Cash Flow of $4.3 million, an improvement of $6.4 million from Q2 2025;

•Cryptocurrency mining revenue of $4.2 million, no change from Q2 2025;

•Datacenter hosting revenue of $6.3 million, an improvement of $0.3 million from Q2 2025;

•Power and capacity revenue of $4.7 million, an improvement of $2.1 million from Q2 2025; and

•A total of 95 Bitcoins produced, a decrease of 15 from Q2 2025.

Greenidge ended the third quarter with $7.6 million of cash, $6.1 million of bitcoin and $45.8 million of senior unsecured debt, which includes future contractual interest payments of $5.2 million.1

Greenidge CEO Jordan Kovler commented: “This was a monumental quarter for Greenidge that culminated in our historic agreement with NYSDEC on a five-year Title V Air Permit that positions us for long-term growth and validates Greenidge as a model datacenter and power generation operation. The landmark outcome not only ensures Greenidge will have the runway to properly scale the business into the future but, importantly, it also provides significant benefits across stakeholder groups – from shareholders and employees to the local electric grid. Going forward, we believe

our Dresden facility should serve as a national model for bitcoin mining operations, one which does not pull power fro

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Greenidge Generation Highlights Recent Business Advancements and Reports Financial and Operating Results for the Second Quarter 2025

Recent Public Tender/Exchange Offer Resulted in Significant Debt Reduction, with Cash Tender Offer Oversubscribed by 100%

Announces Charles M. Zeynel’s Appointment to the Board, Bringing Extensive Expertise in Sustainable Materials, Carbon Removal Technologies and M&A

Pittsford, NY – August 13, 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 second quarter ended June 30, 2025 and provided an update on the Company’s growth prospects.

Recent Highlights:

•Reduced senior unsecured debt due October 2026 to $44.6 million through privately negotiated exchanges and a public tender/exchange offer, representing a 38.2% reduction to date of the original $72.2 million in aggregate principal amount;

•Announced appointment of Charles M. Zeynel as an independent director, who brings over four decades of global leadership experience and extensive expertise in sustainable materials, carbon removal technologies and mergers and acquisitions to the Company’s Board of Directors, complementing the previous additions of Kenneth Fearn and Christopher Krug in April 2025;

•Improved efficiency of Greenidge’s current active miner fleet to 23.6 J/TH;

•Closed on purchase of 37-acre site in Mississippi, which is expected to provide access to 44 MW of additional low-cost power by July 2026, and announced sale of the existing 7.5MW Mississippi mining facility;

•Progressing towards the closing of the sale of the Company’s South Carolina property, which is scheduled to occur on or before August 25, 2025;

•Continuing to explore all strategic alternatives to maximize value for all stakeholders including purchasing additional miners to improve fleet efficiency and acquiring additional sites with significant low-cost power capacity;

•Reported a 99.6% energy availability rate at Dresden power plant in July, demonstrating best-in-class availability performance to serve the electricity needs of New Yorkers during peak demand summer months; and

•Reported no equity sales under the Company’s equity line of credit (“ELOC”) during the second quarter with no current plans to utilize the ELOC to sell shares.

Second Quarter 2025 Financial Results:

•Total revenue of $12.9 million;

•Net loss of $4.1 million;

•EBITDA loss of $0.2 million;

•Positive adjusted EBITDA of $0.4 million;

•Cryptocurrency mining revenue of $4.2 million;

•Datacenter hosting revenue of $6.0 million;

•Power and capacity revenue of $2.6 million; and

•Total bitcoin production of 110 BTC.

Greenidge ended the second quarter with $3.4 million of cash, $7.3 million of bitcoin and $58.2 million in aggregate principal amount of senior unsecured debt.

Greenidge CEO Jordan Kovler commented: “With the successful completion of our tender and exchange offer, we have significantly reduced our October 2026 debt obligations by $27.6 million since October 2024, while continuing to secure opportunities to optimize and scale our mining operations. Building on this momentum, we remain focused on aggressively pursuing strategic opportunities to maximize value for all Greenidge stakeholders, including further restructuring of our October 2026 senior unsecured debt at a significant discount to par value.”

The Company’s current active datacenter operations consist of approximately 3.2 EH/s of datacenter hosting and cryptocurrency mining, 1.8 E/Hs of which is associated with our datacenter hosting and 1.4 E/Hs of which 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 ris

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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

gree-20250306

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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

March 6, 2025

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

590 Plant Road

Dresden, New York 14441

(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 $.0001GREEThe Nasdaq Global Select Market

8.50% Senior Notes due 2026 GREELThe 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 March 6, 2025, Greenidge Generation Holdings Inc. (the “Company”) issued a press release regarding certain preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024. 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

gree-20241107

FALSE000184497100018449712024-11-072024-11-070001844971us-gaap:CommonClassAMember2024-11-072024-11-070001844971gree:SeniorNotesDue2026850Member2024-11-072024-11-07

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

November 7, 2024

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

590 Plant Road

Dresden, New York 14441

(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 $.0001GREEThe Nasdaq Global Select Market

8.50% Senior Notes due 2026 GREELThe 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 November 7, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release regarding financial results for the fiscal quarter ended September 30, 2024 and providing updates on the upgrade of its miner fleet with new generation miners and the reduction of its selling, general and administrative expenses. 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 limit

gree-20241014

FALSE000184497100018449712024-10-142024-10-140001844971us-gaap:CommonClassAMember2024-10-142024-10-140001844971gree:SeniorNotesDue2026850Member2024-10-142024-10-14

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

October 14, 2024

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

590 Plant Road

Dresden, New York 14441

(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 $.0001GREEThe Nasdaq Global Select Market

8.50% Senior Notes due 2026 GREELThe 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 October 14, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release regarding certain preliminary financial results for the fiscal quarter ended September 30, 2024. 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 Item 2.02 of this report is unaudited and preliminary, and does not present all information necessary for an understanding of the Company’s financial condition as of September 30, 2024 and its results of operations for the three months ended September 30, 2024. The information in Item 2.02 of 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 in Item 2.02 of 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, 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, except as may be expressly set forth by specific reference in such a filing.

Item 3.01 – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On October 14, 2024, the Company received written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, based on the staff’s review of the market value of publicly held shares (the “MVPHS”) of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), for 30 consecutive business days, the Company no longer complies with the Minimum MVPHS Requirement (as defined below) for continued listing on the Nasdaq Global Select Market. Nasdaq Listing Rule 5450(b)(3)(C) requires listed securities to maintain a minimum MVPHS of at least $15,000,000 (the “Minimum MVPHS Requirement”), and Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet the Minimum MVPHS Requirement exists if the deficiency continues for a period of 30 consecutive business days.

The Notice has no immediate effect on the listing of the Company’s Common Stock on the Nasdaq Global Select Market. Pursuant to the Nasdaq Listing Rules, the Company has been provided an initial compliance period of 180 calendar days to regain compliance with the Minimum MVPHS Requirement. To regain compliance, the closing MVPHS of the Common Stock must be at least $15,000,000 or more for a minimum of ten (10) consecutive business days prior to April 14, 2025.

If the Company does

gree-20240814

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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

August 14, 2024

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

590 Plant Road

Dresden, New York 14441

(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 $.0001GREEThe Nasdaq Global Select Market

8.50% Senior Notes due 2026 GREELThe 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 August 14, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release regarding financial results for the fiscal quarter ended June 30, 2024 and providing an update on actions the Company has taken to continue the transformation of its business. 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, 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, 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 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 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 in Part

gree-20240501

FALSE000184497100018449712024-05-012024-05-010001844971us-gaap:CommonClassAMember2024-05-012024-05-010001844971gree:SeniorNotesDue2026850Member2024-05-012024-05-01

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 1, 2024

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

590 Plant Road

Dresden, New York 14441

(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 $.0001GREEThe Nasdaq Global Select Market

8.50% Senior Notes due 2026 GREELThe 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 1, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release regarding certain preliminary financial results for the fiscal quarter ended March 31, 2024. 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 Item 2.02 is unaudited and preliminary, and does not present all information necessary for an understanding of the Company’s financial condition as of March 31, 2024 and its results of operations for the three months ended March 31, 2024.

Item 7.01 – Regulation FD Disclosure.

As previously announced, the Company will present at the Planet MicroCap Showcase: Vegas 2024 at approximately 4:00 p.m., Pacific time, on May 1, 2024, during which it will utilize an investor presentation. A copy of the investor presentation the Company will use during the showcase is being furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. A live webcast and the accompanying presentation materials will be available at https://www.webcaster4.com/Webcast/Page/3026/50312. A copy of the investor presentation will also be available in the investor relations section of the Company’s website at https://ir.greenidge.com/.

The information in this report is being furnished pursuant to Items 2.02 and 7.01 of Form 8-K. In accordance with General Instruction B.2. of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, 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, except as may be expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements

This report, including Exhibits 99.1 and 99.2 furnished herewith, contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to the Company’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements

gree-20240410

FALSE000184497100018449712024-04-102024-04-100001844971us-gaap:CommonClassAMember2024-04-102024-04-100001844971gree:SeniorNotesDue2026850Member2024-04-102024-04-10

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

April 10, 2024

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

135 Rennell Drive, 3rd Floor

Fairfield, CT 06890

(Address of principal executive offices and zip code)

(203) 718-5960

(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 $.0001GREENASDAQ Global Select Market

8.50% Senior Notes due 2026 GREELNASDAQ 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 April 10, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release setting forth the Company's financial results for the fourth quarter and year ended December 31, 2023. In addition, the press release announced that the Company will be presenting at the Planet MicroCap Showcase Vegas 2024 on May 1, 2024 at 4:00 p.m. Pacific time in lieu of holding a conference call and provided instructions to access the live presentation online. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 – Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:

Exhibit No.Description

99.1 Press Release dated April 10, 2024 issued by Greenidge Generation Holdings Inc.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 10th day of April, 2024.

Greenidge Generation Holdings Inc.

By: /s/ Christian Mulvihill

Name: Christian Mulvihill

Title: Chief Financial Officer

gree-20240327

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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

March 27, 2024

Date of Report (date of earliest event reported)

Greenidge Generation Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

001-40808

(Commission File Number)

86-1746728

(I.R.S. Employer Identification Number)

135 Rennell Drive, 3rd Floor

Fairfield, CT 06890

(Address of principal executive offices and zip code)

(203) 718-5960

(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 $.0001GREENASDAQ Global Select Market

8.50% Senior Notes due 2026 GREELNASDAQ 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 March 27, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release announcing that its financial results for the fourth quarter of 2023 will meet or exceed the preliminary results that the Company previously announced on February 1, 2024. In addition, the Company announced that it had postponed the release of its financial results and conference call for the fourth quarter and full-year 2023, which were previously scheduled for March 27, 2024, to April 9, 2024, noting that the Company requires additional time to complete its annual audit procedures and file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, to reflect certain revisions to its accounting policies. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 – Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:

Exhibit No.Description

99.1 Press Release dated March 27, 2024 issued by Greenidge Generation Holdings Inc.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 28th day of March, 2024.

Greenidge Generation Holdings Inc.

By: /s/ Jordan Kovler

Name: Jordan Kovler

Title: Chief Executive Officer

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Exhibit 99.1

Greenidge Generation Announces Favorable Preliminary Financial and Operating Results for the Fourth Quarter 2023

Select Results Include Q4 Net Income of $1.4 million to $2.4 million,

Adjusted EBITDA of $1.6 million to $2.6 million, and

Earnings Per Share of $0.18 to $0.32

Company Reports First Profitable Quarter in Two Years As Ongoing Transformation of Business Continues

Complete Fourth Quarter and Full-Year 2023 Financial Results to be Announced on March 27, 2024

Dresden, NY – February 1, 2024 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced favorable preliminary financial and operating results for the fourth quarter of 2023.

Preliminary Fourth Quarter 2023 Financial Results1:

•Revenue of approximately $19.7 million;

•Net income from continuing operations of approximately $1.4 million to $2.4 million;

•Adjusted EBITDA of approximately $1.6 to approximately $2.6 million;

•Earnings per share of $0.18 to $0.322;

•Cryptocurrency datacenter self-mining revenue of $7.3 million;

•Cryptocurrency datacenter hosting revenue of $10.7 million; and

•Power and capacity revenue of $1.7 million;

Fourth Quarter 2023 Highlights:

Our cryptocurrency datacenter operations produced approximately 710 bitcoin during the fourth quarter of 2023, of which 506 bitcoin were produced for colocation and 203 bitcoin were produced for self-mining. The average closing price of Bitcoin during the fourth quarter of 2023 was $36,276.79.

1 For the three months ended December 31, 2023; Greenidge expected, approximate financial results.

2 Based on 7,605,782 weighted average Class A and Class B shares outstanding for the three months ended December 31, 2023. 9,175,329 combined Class A and Class B shares outstanding as of January 29, 2024.

As of December 31, 2023, Greenidge datacenter operations consisted of approximately 29,700 miners with approximately 3.1 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 19,000 miners, or 1.9 EH/s, is associated with datacenter hosting and 10,700 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.

Greenidge ended the quarter with approximately $13.6 million of cash and approximately $68.7 million of debt. In aggregate, Greenidge reduced its debt by $85.3 million in 2023, representing over 54% of its total debt.

Greenidge CEO Jordan Kovler commented: “We had a strong year on many fronts, including significantly reducing our debt load and making the necessary changes to alter the trajectory of the business, culminating in our first profitable quarter in two years. We continue to work diligently on paths to increasing profitable revenue and reducing debt. While there is more to come, I want to thank our team for the hard work that led to us delivering at least $0.18 in earnings per share and $1.4 million in net income in the fourth quarter, with a lower average Bitcoin price than we see today. We remain relentlessly focused on expanding our reach into low-cost power centers, our growing EPCM business, AI infrastructure/data centers and innovative approaches to embrace increased interest in bitcoin. I am confident that Greenidge’s approach and resources differentiate us from our competitors and positions us well for future growth.”

The preliminary financial information presented in this press release is based on Greenidge’s current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures. Management plans to discuss Greenidge’s complete fourth quarter and full-year 2023 financial results after the market closes on March 27, 2024.

Preliminary Financial and Operating Results

The preliminary financial and operating results set forth above for the three months ended December 31, 2023, 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, 2023, 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 power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.

F

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Exhibit 99.1

Greenidge Generation Announces Favorable Preliminary Financial and Operating Results for the Fourth Quarter 2023

Select Results Include Q4 Net Income of $1.4 million to $2.4 million,

Adjusted EBITDA of $1.6 million to $2.6 million, and

Earnings Per Share of $0.18 to $0.32

Company Reports First Profitable Quarter in Two Years As Ongoing Transformation of Business Continues

Complete Fourth Quarter and Full-Year 2023 Financial Results to be Announced on March 27, 2024

Dresden, NY – February 1, 2024 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced favorable preliminary financial and operating results for the fourth quarter of 2023.

Preliminary Fourth Quarter 2023 Financial Results1:

•Revenue of approximately $19.7 million;

•Net income from continuing operations of approximately $1.4 million to $2.4 million;

•Adjusted EBITDA of approximately $1.6 to approximately $2.6 million;

•Earnings per share of $0.18 to $0.322;

•Cryptocurrency datacenter self-mining revenue of $7.3 million;

•Cryptocurrency datacenter hosting revenue of $10.7 million; and

•Power and capacity revenue of $1.7 million;

Fourth Quarter 2023 Highlights:

Our cryptocurrency datacenter operations produced approximately 710 bitcoin during the fourth quarter of 2023, of which 506 bitcoin were produced for colocation and 203 bitcoin were produced for self-mining. The average closing price of Bitcoin during the fourth quarter of 2023 was $36,276.79.

1 For the three months ended December 31, 2023; Greenidge expected, approximate financial results.

2 Based on 7,605,782 weighted average Class A and Class B shares outstanding for the three months ended December 31, 2023. 9,175,329 combined Class A and Class B shares outstanding as of January 29, 2024.

As of December 31, 2023, Greenidge datacenter operations consisted of approximately 29,700 miners with approximately 3.1 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 19,000 miners, or 1.9 EH/s, is associated with datacenter hosting and 10,700 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.

Greenidge ended the quarter with approximately $13.6 million of cash and approximately $68.7 million of debt. In aggregate, Greenidge reduced its debt by $85.3 million in 2023, representing over 54% of its total debt.

Greenidge CEO Jordan Kovler commented: “We had a strong year on many fronts, including significantly reducing our debt load and making the necessary changes to alter the trajectory of the business, culminating in our first profitable quarter in two years. We continue to work diligently on paths to increasing profitable revenue and reducing debt. While there is more to come, I want to thank our team for the hard work that led to us delivering at least $0.18 in earnings per share and $1.4 million in net income in the fourth quarter, with a lower average Bitcoin price than we see today. We remain relentlessly focused on expanding our reach into low-cost power centers, our growing EPCM business, AI infrastructure/data centers and innovative approaches to embrace increased interest in bitcoin. I am confident that Greenidge’s approach and resources differentiate us from our competitors and positions us well for future growth.”

The preliminary financial information presented in this press release is based on Greenidge’s current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures. Management plans to discuss Greenidge’s complete fourth quarter and full-year 2023 financial results after the market closes on March 27, 2024.

Preliminary Financial and Operating Results

The preliminary financial and operating results set forth above for the three months ended December 31, 2023, 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, 2023, 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 power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.

F

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Exhibit 99.1

Greenidge Generation Announces Selected Preliminary Financial and Operating Results for the Third Quarter 2023

Fairfield, Conn. – October 25, 2023 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced selected preliminary financial and operating results for the third quarter of 2023.

For the three months ended September 30, 2023, Greenidge expects to report revenue of approximately $21 million, net loss from continuing operations in a range of approximately $7 million to $8 million and Adjusted EBITDA in a range of approximately zero to approximately $1 million. Adjusted EBITDA is a non-GAAP measure. 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. Cryptocurrency datacenter hosting revenue is expected to be approximately $12.5 million, Cryptocurrency datacenter self-mining revenue is expected to be approximately $6.5 million and Power and capacity revenue is expected to be approximately $2 million for the third quarter of 2023. Our cryptocurrency datacenter operations produced approximately 871 bitcoin during the third quarter of 2023, of which 636 bitcoin were produced for colocation and 235 bitcoin were produced for self-mining. As of September 30, 2023, Greenidge datacenter operations consisted of approximately 42,300 miners with approximately 4.6 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 32,100 miners, or 3.4 EH/s, is associated with datacenter hosting and 10,200 miners, or 1.2 EH/s, is associated with Greenidge's cryptocurrency mining.

Greenidge ended the quarter with approximately $10.7 million of cash and approximately $89.5 million of debt.

Preliminary Financial and Operating Results

The preliminary financial and operating results set forth above for the three months ended September 30, 2023, 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 September 30, 2023, 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

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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, 2022 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and June 30, 2023, 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. Conseque

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Exhibit 99.1

Greenidge Completes Expansion of South Carolina Mining Facility to 44 MW

Expects to Eliminate Remaining $22 Million of Secured Debt by Selling South Carolina Mining Site to NYDIG

Greenidge Expects to Receive $4.9 million of Cash, Less Certain Costs, with Potential to Earn up to $2.6 million Additional Cash in Bonus Payments

Greenidge Generation Reports Second Quarter 2023

South Carolina Mining Facility

•Completed 26 MW Expansion and Construction of Mining Infrastructure to increase site capacity to 44 MW

•Entered into Term Sheet with NYDIG to sell approximately 25 acres of land and 44 MW of mining capabilities in Spartanburg, SC

•All of Greenidge's remaining $21.8 million of secured debt would be eliminated

•Greenidge would receive $4.9 million of cash, less certain closing costs and accrued interest on secured debt, and up to $2.6 million in potential bonus payments

•Current Hosting Agreement amended, effective immediately, for Greenidge to host additional NYDIG miners with the additional 26 MW of capacity until closing of sale.

Second Quarter 2023 Highlights

•Total revenue was $14.7 million

•Cryptocurrency datacenter hosting revenue was $9.7 million, and Cryptocurrency datacenter self-mining revenue was $4.0 million

•GAAP net loss from continuing operations was $9.8 million

•Adjusted EBITDA loss from continuing operations of $2.4 million

•143 bitcoins were produced from self-mining

•Operated active mining capacity of approximately 4.1 EH/s from 38,700 miners as of June 30, 2023

•Cash of $15.4 million as of June 30, 2023

Adjusted EBITDA loss continuing operations is a non-GAAP measure. See the table 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. – August 14, 2023 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced the completion of an expansion of their South Carolina mining facility to 44 MW of mining capabilities and its intention to enter into agreements to eliminate all of Greenidge's secured debt obligations via the transfer to certain affiliates of NYDIG ABL LLC ("NYDIG") of the expanded mining facilities in Spartanburg, South Carolina and the approximate 25 acre parcel on

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which the mining facilities are located. Greenidge will retain approximately 150 acres of land in Spartanburg for possible future data center development. Greenidge also announced its financial and operating results for the second quarter of 2023.

In January, Greenidge, NYDIG and B. Riley Commercial Capital, LLC ("B. Riley") announced a significant restructuring of Greenidge’s secured debt, and today’s announcement and eventual elimination of Greenidge’s remaining secured debt builds on the terms established in January’s agreement. On July 20, 2023, NYDIG purchased the Secured Promissory Note from B. Riley (the "Secured Promissory Note"), following Greenidge's principal payment to B. Riley that reduced the balance to approximately $4.1 million. In recognition of the capital expenditures required to be made by the Company to expand and upgrade the South Carolina facility, and in anticipation of the transfer of the South Carolina mining facilities to certain affiliates of NYDIG, NYDIG has provided a limited waiver to the covenant in NYDIG's Senior Secured Loan (the "Senior Secured Loan") requiring that the Company maintain a $10 million minimum cash balance, reducing that minimum cash balance to $6 million through August 21, 2023, and an intention to amend the Senior Secured Loan on or prior to August 21, 2023 to reduce the minimum cash balance covenant to $6 million until the earlier of December 29, 2023 or the completion of the sale transaction; provided that the minimum cash balance covenant shall reset to $10 million if the sale transaction is not completed by December 29, 2023. Upon completion of the sale transaction, of which there can be no assurances, in addition to the elimination of Greenidge's secured debt, the Company will also receive the payments outlined below which will replenish the Company's cash reserves.

“In the first seven months of 2023, we’ve cleared $63.5 million in secured debt, and once the South Carolina sale is complete, we will have eliminated all of Greenidge’s remaining $21.8 million secured debt, leaving $72.2 million of unsecured debt upon closing, which does not mature until 2026. We also continue to operate a robust, advanced mining operation that is poised to compete as bitcoin mining enters its next phase,” said Dave Anderson, Chief Executive Officer of Greenidge. “NYDIG and B. Riley have been extraordinary, collaborative partners who have been willing to work together to find mutually beneficial solutions. Once these debts are behind us, we will have improved our n

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Exhibit 99.1

Greenidge Generation Reports First Quarter 2023

First Quarter 2023 Highlights

•Results in line with guidance provided on April 21, 2023

•Total revenue was $15.2 million

•Cryptocurrency datacenter hosting revenue was $6.9 million, and Cryptocurrency datacenter self-mining revenue was $6.5 million

•GAAP net loss from continuing operations was $8.8 million

•Adjusted EBITDA loss from continuing operations of $1.1 million

•Cryptocurrency datacenter operations produced 698 bitcoins in the first quarter; 393 bitcoins produced for colocation and 305 bitcoins were produced for self-mining

•Operated active mining capacity of approximately 2.5 EH/s from 24,700 miners as of March 31, 2023

•Cash of $17.0 million as of March 31, 2023

Adjusted EBITDA loss continuing operations is a non-GAAP measure. See the table 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. – May 15, 2023 – 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 of 2023.

“Our results for the first quarter of 2023 are consistent with the estimates we released in April,” said Dave Anderson, Chief Executive Officer of Greenidge. “During the first quarter of 2023, we have effectively transitioned our business to a lower risk profile, which has allowed us to continue to participate in the upside of increases to bitcoin prices enabling us to significantly reduce our Adjusted EBITDA loss from continuing operations when comparing to the fourth quarter of 2022 and improving liquidity due to significantly reduced debt service.”

First Quarter 2023 Financial Results

Greenidge’s revenue for the first quarter was $15.2 million, down 48% compared to the prior year. Cryptocurrency datacenter hosting revenue was $6.9 million as compared to none in the prior year. Cryptocurrency datacenter self-mining revenue was $6.5 million, down 72% versus the prior year as Greenidge transitioned its capacity towards datacenter hosting during the first quarter of 2023. Power and Capacity revenue was $1.8 million, down 70% compared to the prior year. Greenidge’s cryptocurrency datacenter operations produced 698 bitcoins during the first quarter, compared to 561 bitcoins in the first quarter of the prior year.

As of March 31, 2023, Greenidge operated approximately 24,700 active miners with an aggregate hash rate capacity of approximately 2.5 EH/s.

Net loss from continuing operations was $8.8 million for the first quarter as compared to $1.7 million in the first quarter of the prior year. Adjusted EBITDA loss for the first quarter was $1.1 million compared to the prior year first quarter Adjusted EBITDA of $7.3 million. The lower average bitcoin prices and higher difficulty levels on the blockchain network in 2023 as compared to 2022 more than offset the increased hash rate capacity. Additionally, a milder winter season in 2023 impacted the year-over-year comparison of profitablilty.

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As of March 31, 2023, Greenidge had cash of $17.0 million and debt balance of $97.3 million, which was reduced from $157.5 million as of December 31, 2022.

About Greenidge Generation Holdings Inc.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company.

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 a certain non-GAAP operating performance measure of Adjusted EBITDA (loss) from continuing operations. Adjusted EBITDA (loss) from continuing operations is defined as (loss) income from continuing operations before taxes plus interest and depreciation and amortization, which is then adjusted for stock-based compensation, other special items determined by management, including, but not limited to business expansion costs, impairments of long-lived assets, remeasurement of environmental liabilities, restructuring, debt extinguishment and costs to restructure debt. This non-GAAP financial measure is 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 measure 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 a useful measure 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 this non-GAAP financial measure is not meant to be considered in isolation or as a substitute for results or guidan

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Exhibit 99.1

Greenidge Generation Announces Selected Preliminary Financial and Operating Results for First Quarter 2023

Fairfield, Conn. – April 21, 2023 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced

selected preliminary financial and operating results for the first quarter of 2023.

For the three months ended March 31, 2023, Greenidge expects to report revenue of approximately $15 million, net loss in a range of approximately $8 million to $9 million and Adjusted EBITDA loss in a range of approximately $1 million to approximately $2 million. Adjusted EBITDA is a 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. Cryptocurrency datacenter hosting revenue is expected to be approximately $7 million, Cryptocurrency datacenter self-mining revenue is expected to be approximately $6 million and Power and capacity revenue is expected to be approximately $2 million for the first quarter of 2023. Our cryptocurrency datacenter operations produced approximately 698 bitcoin during the first quarter of 2023, of which 413 bitcoin were produced for colocation and 285 bitcoin were produced for self-mining. As of March 31, 2023, Greenidge operated approximately 24,700 miners with approximately 2.5 EH/s of combined capacity for both colocation and self-mining as of March 31, 2023.

Greenidge ended the quarter with approximately $17 million of cash and approximately $97 million of debt.

Preliminary Financial and Operating Results

The preliminary financial and operating results set forth above for the three months ended March 31, 2023, 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 March 31, 2023, 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-

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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, 2022, 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