Greenidge Generation 2025 Q3 Earnings Profitable Turnaround with 287.8% Net Income Surge

Greenidge Generation Holdings Inc. (NASDAQ: GREE) delivered a dramatic turnaround in its fiscal 2025 Q3 earnings, surpassing expectations with a $11.96 million net income—a 287.8% reversal from a $6.37 million loss in the prior-year period. The company also provided updated guidance on debt restructuring and operational expansion, aligning with its strategic focus on long-term growth.

Revenue

The total revenue of Greenidge Generation surged 23.2% to $15.22 million in 2025 Q3, driven by robust performance across its core segments. Power and capacity revenue led the charge, jumping 83% to $4.7 million, reflecting heightened demand for grid services. Datacenter hosting revenue also improved by $0.3 million to $6.3 million, while cryptocurrency mining revenue remained stable at $4.2 million. This diversified revenue stream underscores the company’s ability to leverage its vertically integrated infrastructure effectively.

Earnings/Net Income

Greenidge Generation returned to profitability with EPS of $0.76 in 2025 Q3, reversing from a $0.60 loss in 2024 Q3—a 226.7% positive change. The net income of $11.96 million marked a dramatic improvement from the $6.37 million loss, demonstrating the company’s successful cost optimization and operational restructuring. This turnaround highlights strong financial discipline and strategic execution.

Post-Earnings Price Action Review

The stock price of Greenidge Generation experienced significant volatility following the earnings release. Shares plummeted 16.96% during the latest trading day, with a further decline of 2.74% over the subsequent full trading week. Month-to-date, the stock has dropped 28.64%, reflecting mixed investor sentiment despite the company’s strong financial results. Analysts attribute the decline to concerns over short-term debt obligations and regulatory uncertainties, though the long-term outlook remains cautiously optimistic.

CEO Commentary

Jordan Kovler, CEO of Greenidge Generation, emphasized the company’s “monumental quarter” marked by a historic five-year Title V Air Permit agreement with NYSDEC, positioning the Dresden facility as a “model datacenter and power generation operation.” He highlighted financial progress, including a $3 million increase in cash and bitcoin holdings despite debt repurchases, and underscored strategic priorities such as restructuring 2026 debt via public exchange offers and privately negotiated agreements. Kovler expressed optimism about leveraging the Mississippi expansion property’s 40MW electrical capacity by March 2027 and scaling operations without pulling power from the grid. The tone was forward-looking and confident, with a focus on long-term growth and stakeholder value.

Guidance

Greenidge expects the final Title V Air Permit to be issued following the 45-day EPA review period, ensuring continued operations at the Dresden facility. The company plans to pursue debt restructuring through public exchange offers and private agreements to extend 2026 maturity dates, capitalizing on elevated note prices. Forward-looking initiatives include advancing the Mississippi expansion project to secure 40MW of capacity by March 2027 and exploring strategic opportunities such as next-generation miner acquisitions and site developments. The guidance aligns with leveraging existing infrastructure and liquidity to scale operations while prioritizing debt optimization and stakeholder value.

Additional News

Greenidge Generation announced the termination of its agreement to sell its South Carolina property, signaling a strategic shift toward internal development. The company also confirmed plans to leverage Mississippi’s 40MW electrical capacity by March 2027, a key step in its expansion strategy. Additionally, Greenidge announced debt restructuring efforts through public exchange offers and private agreements, aiming to extend 2026 maturity dates and reduce financial pressure. These moves reflect the company’s commitment to long-term stability and growth amid evolving market conditions.