Greenidge Generation Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Greenidge Generation Holdings Inc. has filed its 2023 10-K, detailing its financial performance and business operations in cryptocurrency mining, datacenter hosting, and power generation.</b>

AI Summary

Greenidge Generation Holdings Inc. (GREEL) filed a Annual Report (10-K) with the SEC on April 10, 2024. Greenidge Generation Holdings Inc. filed its 2023 Form 10-K on April 10, 2024, reporting on its fiscal year ended December 31, 2023. The company's principal business activities include cryptocurrency mining, datacenter hosting, and power generation. Financial data for the fiscal year 2023 and comparative periods are included in the filing. Key financial statement information such as revenue, net income, and EPS for 2023 is detailed. The filing also discloses information on debt, equity, and cash positions as of year-end 2023.

Why It Matters

For investors and stakeholders tracking Greenidge Generation Holdings Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Greenidge's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The report includes specific financial figures, segment revenues, and balance sheet details, offering concrete data points for analysis of the company's business segments, including its cryptocurrency mining and datacenter operations.

Risk Assessment

Risk Level: medium — Greenidge Generation Holdings Inc. shows moderate risk based on this filing. The company operates in volatile sectors like cryptocurrency and energy, and the filing details its financial performance and debt, indicating potential risks associated with market fluctuations and financial leverage.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Greenidge's operational performance and financial position, particularly concerning its cryptocurrency and energy businesses.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-10 — Filing Date (Date of submission)
• 0001844971 — Central Index Key (Filer identifier)
• 113 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Greenidge Generation Holdings Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-04-10 (date) — Filing date
• Fairfield, CT (location) — Business and mailing address
• 315-536-2359 (phone) — Business phone number
• 0001844971 (company) — Central Index Key
• 6199 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation

FAQ

Industry Context

Greenidge Generation operates in the energy and technology sectors, focusing on cryptocurrency mining, datacenter hosting, and power generation, industries subject to significant market volatility and regulatory scrutiny.

Regulatory Implications

The company's operations are subject to various environmental, energy, and financial regulations, which can impact its business model and profitability.

What Investors Should Do

1. Review Greenidge's 2023 financial statements for detailed revenue and expense breakdowns.
2. Analyze the company's debt and equity structure as presented in the balance sheet.
3. Examine any disclosed risk factors related to cryptocurrency market volatility and energy prices.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-10: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value GREE The Nasdaq Global Select
• $2.82 — o x Based on the closing sale price of $2.82 of the Registrant's Class A common stoc

Filing Documents

• gree-20231231.htm (10-K) — 1797KB
• formxex46xdescriptionofsec.htm (EX-4.6) — 141KB
• mulvihillofferletterexec.htm (EX-10.37) — 11KB
• kovlerofferletter3docx.htm (EX-10.38) — 12KB
• commercialpurchaseandsalea.htm (EX-10.46) — 96KB
• greenidge-insidertradingpo.htm (EX-19.1) — 88KB
• listofsubsidiariesex211.htm (EX-21.1) — 15KB
• mbconsent-gree10k.htm (EX-23.1) — 3KB
• gree-armaninoconsentx20241.htm (EX-23.2) — 3KB
• soxcertificationi-ex311jko.htm (EX-31.1) — 12KB
• soxcertificationi-ex312cmu.htm (EX-31.2) — 12KB
• soxcertificationii-ex321jk.htm (EX-32.1) — 6KB
• soxcertificationii-ex322cm.htm (EX-32.2) — 6KB
• greenidge-policyforthereco.htm (EX-97.1) — 35KB
• image_0.jpg (GRAPHIC) — 0KB
• image_0b.jpg (GRAPHIC) — 5KB
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• kovlerofferletter3docx001.jpg (GRAPHIC) — 232KB
• kovlerofferletter3docx002.jpg (GRAPHIC) — 199KB
• kovlerofferletter3docx003.jpg (GRAPHIC) — 98KB
• kovlerofferletter3docx004.jpg (GRAPHIC) — 338KB
• mulvihillofferletterexec001.jpg (GRAPHIC) — 266KB
• mulvihillofferletterexec002.jpg (GRAPHIC) — 123KB
• mulvihillofferletterexec003.jpg (GRAPHIC) — 92KB
• mulvihillofferletterexec004.jpg (GRAPHIC) — 323KB
• 0001628280-24-015540.txt (&nbsp;) — 12029KB
• gree-20231231.xsd (EX-101.SCH) — 64KB
• gree-20231231_cal.xml (EX-101.CAL) — 109KB
• gree-20231231_def.xml (EX-101.DEF) — 416KB
• gree-20231231_lab.xml (EX-101.LAB) — 853KB
• gree-20231231_pre.xml (EX-101.PRE) — 643KB
• gree-20231231_htm.xml (XML) — 990KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 50 Item 1C. C ybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 52 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 6. [Reserved] 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 73 Item 9A.

Controls and Procedures

Controls and Procedures 73 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III Item 10. Directors, Executive Officers and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accounting Fees and Services 75 PART IV Item 15. Exhibits and Financial Statement Schedules 76 Item 16. Form 10-K Summary 80 2 Unless otherwise indicated or the context otherwise requires, all references in this annual report on Form 10-K (this "Annual Report") to the "Company," "Greenidge," "we," "us," "our" and similar terms refer to Greenidge Generation Holdings Inc., together with its consolidated subsidiaries. All share and per share data in this Annual Report have been retroactively adjusted to reflect the one-for-ten reverse stock split that we effected on our class A common stock, par value $0.0001 per share ("Class A common stock") and our class B common stock, par value $0.0001 per share ("Class B common stock"), on May 16, 2023. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (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 our 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-looki

BUSINESS

ITEM 1. BUSINESS. Overview We own cryptocurrency datacenter operations in the Town of Torrey, New York (the "New York Facility") and owned and operated a facility in Spartanburg, South Carolina (the "South Carolina Facility" and, together with the New York Facility, the "facilities"). The New York Facility is a vertically integrated cryptocurrency datacenter and power generation facility with an approximately 106 megawatt ("MW") nameplate capacity, natural gas power generation facility. We generate revenue from three primary sources: (1) datacenter hosting, which we commenced on January 30, 2023, (2) cryptocurrency mining, and (3) power and capacity. On November 9, 2023, we sold the South Carolina Facility, including approximately 44 MW mining facilities and subdivided real estate, to NYDIG ABL LLC ("NYDIG") to complete a deleveraging transaction. We continue to own approximately 153 acres of land in South Carolina, and are assessing potential uses of the remaining site, which may include the sale of the property. On March 6, 2024, we agreed to purchase a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space. This property will provide us with access to 32.5 MW of additional power capacity. We expect the transaction to close in April 2024 and intend to deploy 7 MW of miners on the property in the second quarter of 2024. We have also deployed additional miners in conjunction with a 7.5 MW mining capacity lease in North Dakota, which has a term of five years and provides us with energy to power mining. Cryptocurrency Datacenters . As of the year ended December 31, 2023, our cryptocurrency datacenter operations generated revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers ("ASICs" or "miners") owned or leased by us. We converted substantially all o

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View this 10-K filing on SEC EDGAR