Bitcoin miner Greenidge Generation Holdings (NASDAQ: GREE) reported preliminary results for the third quarter ended Sept. 30 on Monday with revenue of $33 million to $37 million.
- Investment firm B. Riley Securities estimated that Greenidge will report $40.7 million in revenue for the quarter, according to FactSet. Shares of Greenridge were declining 1.4% to 24.75 on Monday morning.
- Greenidge expects to post a net loss in a range of $16 million to $19 million and adjusted EBITDA in a range of $18 million to $22 million, according to a statement. The expected net loss is driven by about $30 million of charges associated with the merger with Support.com.
- Greenidge mined 729 bitcoin during the third quarter and had approximately 15,300 miners in operation with 1.2 EH/s of combined capacity as of Sept. 30. The company ended the quarter with $52 million of cash and fair market value of cryptocurrency holdings.
- As of Oct. 1, Greenidge had 67 stockholders of record, an increase from 11 as of Sept. 13, Greenidge said in a filing. In a September filing, the company said it had the 11 holders of common stock and 66 preferred stockholders. A stock split in March made each share of series A preferred stock convertible into four shares of class B common stock.
- Read more: Greenidge to Merge, Becoming First Publicly Traded Bitcoin Miner With a Power Plant
- Greenidge shares gained 7% on Sept. 29 after B. Riley initiated its coverage of the bitcoin miner with a buy rating and $78 price target. B. Riley said Greenidge may reach hashrate, or computing power, of 3.1 EH/s by the end of 2022 and 6.8 EH/s by the end of 2023 as the mining industry continues to flee China after the country’s latest crypto crackdown.
- Greenridge last month said it will buy 10,000 crypto mining machines for its planned new facility in Spartanburg, S.C. The upstate New York-based mining firm is purchasing 10,000 S19j Pro bitcoin miners from Bitmain.