Greenidge Generation Reports Record Revenue in Q3, Names New CFO

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

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

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

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