Greenidge Generation Cuts Debt by 38.2%, Reports Q2 2025 Results with $12.9mln Revenue, $4.1mln Net Loss

Greenidge Generation Holdings reported a 38.2% reduction in senior unsecured debt through a public tender/exchange offer. The company also announced significant board changes and plans to expand mining operations with new site acquisitions. In Q2 2025, Greenidge recorded $12.9 million in total revenue with a net loss of $4.1 million and positive adjusted EBITDA of $0.4 million. The company plans to utilize low-cost power from new sites to enhance value for stakeholders.

Greenidge Generation Holdings Inc. (Nasdaq: GREE) reported significant financial and operational developments in the second quarter of 2025. The company announced a 38.2% reduction in senior unsecured debt through a public tender/exchange offer, which was oversubscribed by 100%. This reduction, amounting to $27.6 million, brings the company's debt obligations down to $44.6 million as of October 2026 [1].

Greenidge also welcomed Charles M. Zeynel as an independent director to its board, bringing extensive experience in sustainable materials, carbon removal technologies, and mergers and acquisitions. This appointment complements previous additions to the board, further strengthening the company's strategic direction [1].

In addition to these board changes, Greenidge is expanding its mining operations. The company closed on the purchase of a 37-acre site in Mississippi, which is expected to provide access to 44 MW of additional low-cost power by July 2026. The company also announced the sale of its existing 7.5 MW Mississippi mining facility [1].

Financial results for the second quarter of 2025 showed total revenue of $12.9 million, a net loss of $4.1 million, and a positive adjusted EBITDA of $0.4 million. Cryptocurrency mining revenue stood at $4.2 million, while datacenter hosting revenue was $6.0 million, and power and capacity revenue reached $2.6 million. The company produced 110 BTC during the quarter [1].

Greenidge ended the second quarter with $3.4 million in cash, $7.3 million in bitcoin, and $58.2 million in aggregate principal amount of senior unsecured debt. The company's CEO, Jordan Kovler, commented on the progress, stating, "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" [1].

Further, Greenidge is exploring 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 [1].

Additionally, Greenidge Generation Holdings announced that LM Funding America, Inc. (NasdaqCM: LMFA) agreed to acquire an 11 MW Bitcoin mining site in Mississippi from Greenidge for $3.9 million. The transaction is subject to customary due diligence and is expected to close by September 16, 2025 [2].

References:
[1] https://www.morningstar.com/news/business-wire/20250813959200/greenidge-generation-highlights-recent-business-advancements-and-reports-financial-and-operating-results-for-the-second-quarter-2025
[2] https://www.marketscreener.com/news/lm-funding-america-inc-agreed-to-acquire-11-mw-bitcoin-mining-site-in-mississippi-from-greenidge-g-ce7c51d9dd8cff26