Greenidge Generation Reports Preliminary Financial and Operating Results for the Fourth Quarter and Full Year 2025 (Form 8-K)

Greenidge Generation Reports Preliminary Financial and Operating Results for the Fourth Quarter and Full Year 2025

Significant Progress in Debt Reduction, Liability Management, and Power Capacity Expansion Supports Transition to AI/HPC Datacenters

Agreement with NYSDEC Provides Regulatory Clarity and Path to Renewal of Five-Year Title V Air Permit for Dresden Facility

Dresden Facility Positions Greenidge as a Model for Responsible Datacenter and Power Generation Operations

Pittsford, NY - March 5, 2026 - Greenidge Generation Holdings Inc. (Nasdaq: GREE) ("Greenidge" or the "Company"), a vertically integrated power generation company focused on datacenters and infrastructure development, announced preliminary financial and operating results for the fourth quarter and fiscal year ended December 31, 2025 and provided an update on the Company's growth prospects.

Recent Fourth Quarter 2025 Highlights:

•Secured approval for a total of 100MW of future power for datacenters, including:

•60MW of non-curtailable power at the Dresden facility via grid interconnection, for which the Company is engaging with NYSEG on related facility upgrades and actively exploring options for AI/HPC datacenter development; and

•40MW of non-curtailable power available at a 34-acre greenfield site in Mississippi by Q1 2027, for which the Company is actively exploring options for AI/HPC datacenter development.

•Initiated NYISO system impact study to access additional 200MW of power at the Dresden facility via grid interconnection;

•Successfully closed on the sale of the South Carolina property for $18.0 million in cash and up to $18.0 million in potential future earnouts; and

•Held 74 Bitcoin valued at $6.5 million as of December 31, 2025.

Fourth Quarter 2025 Preliminary Financial Results:

•Total revenue of $11.5 million, a reduction of $3.7 million from Q3 2025;

•Net income of $1.9 to $2.9 million, a reduction of $10.1 to $9.1 million from Q3 2025;

•EBITDA of $4.5 to $5.5 million, a reduction of $10.5 to $9.5 million from Q3 2025;

•Adjusted EBITDA loss of $6.2 to $5.2 million, a reduction of $7.9 to $6.9 million from Q3 2025;

•Net cash flow used for operating activities of $4.6 million, a reduction of $4.7 million from Q3 2025;

•Adjusted Free Cash Flow loss of $2.0 million, a reduction of $6.3 million from Q3 2025;

•Cryptocurrency mining revenue of $2.6 million, a reduction of $1.6 million from Q3 2025;

•Datacenter hosting revenue of $3.3 million, a reduction of $3.0 million from Q3 2025;

•Power and capacity revenue of $5.6 million, an improvement of $0.8 million from Q3 2025; and

•A total of 53 Bitcoins produced, a decrease of 42 from Q3 2025.

Additional 2025 Highlights:

•Reduced outstanding principal amount of senior unsecured debt due October 2026 from $68.5 million as of FY 2024 to $36.7 million through a combination of public tender/exchange offers, privately negotiated exchange agreements and open market repurchases;

•Completed the sale of its 7.5MW Mississippi bitcoin mining facility and lower-efficiency miners for $4.2 million in cash;

•Secured agreement with the New York State Department of Environmental Conservation ("NYSDEC") which states unequivocally that NYSDEC shall issue a final five-year Title V Air Permit modification and renewal for the Company's Dresden facility following a public comment period and fulfillment of applicable state regulations, and that the new emissions level incorporated therein are fully consistent with New York's Climate Leadership Community Protection Act. This will ensure that the Company's Dresden facility, which provides significant power to the local energy grid each year, will continue to do so while also serving as a model datacenter operation; and

•Completed initial chemical composition testing on coal combustion residuals in C-Pond to support beneficial use demonstration and extend the deadline to initiate closure to October 2027 while seeking regulatory approval to complete similar testing at the Lockwood Landfill during Q2 2026.

Full Year 2025 Preliminary Financial Results:

•Total revenue of $58.8 million, a reduction of $0.8 million from FY 2024;

•Net income of $4.2 to $5.2 million, an improvement of $24.0 to $25.0 million from FY 2024;

•EBITDA of $19.9 to $20.9 million, an improvement of $19.2 to $20.2 million from FY 2024;

•Adjusted EBITDA loss of $3.1 to $2.1 million, a reduction of $8.6 to $7.6 million from FY 2024;

•Net cash flow used for operating activities of $15.0 million, a reduction of $3.0 million from FY 2024;

•Adjusted Free Cash Flow loss of $2.3 million, an improvement of $12.1 million from FY 2024;

•Cryptocurrency mining revenue of $15.2 million, a reduction of $3.8 million from FY 2024;

•Datacenter hosting revenue of $21.5 million, a reduction of $8.4 million from FY 2024;

•Power and capacity revenue of $22.2 million, an improvement of $11.4 million from FY 2024;

•A total of 371 Bitcoins produced, a decrease of 570 from FY 2024; and

•SG&A expenses of $12.1 million, a reduction of $5.2 million from FY 2024.

Greenidge currently operates 111.5MW of active self-mining, hosting and power generation across its sites in New York and North Dakota. The Company's active datacenter operations deliver approximately 2.8 EH/s of combined datacenter hosting and cryptocurrency mining capacity, of which 1.8 E/Hs is attributable to datacenter hosting and 1.0 E/Hs is attributable to our cryptocurrency mining.

Greenidge ended the fourth quarter with $19.6 million of cash, $6.5 million of bitcoin and $39.0 million in aggregate principal amount of senior unsecured debt due October 2026 and June 2030.1

Greenidge CEO Jordan Kovler commented: "Our team's exceptional focus and execution over the past two and a half years have helped set the stage for Greenidge to realize its significant growth potential and facilitate an effective transition from Bitcoin mining to AI/HPC. Notably, 2025 culminated in Greenidge securing a historic agreement with NYSDEC on a five-year Title V Air Permit that strengthens our path to sustained growth and profitability and ends all litigation and administrative appeals between the Company and New York. Our Dresden facility serves as a model for responsible datacenter operations by utilizing on-site power generation. By agreeing to reduce carbon emissions, actively exploring opportunities to remediate the environmental impacts of prior owners and pairing behind-the-meter use with on-site generation and flexible load management, Greenidge serves the twin goals of promoting affordable electrical service for the residents of New York while benefiting the local community and contributing to our nation's leadership position in AI development."

Kovler continued, "We have reduced our debt from over $157.5 million in 2023 to $39.0 million as of December 31, 2025, while reducing our SG&A expenses from $26.1 million in 2023 to $12.1 million in 2025. The meaningful progress made toward securing and developing powered land has led to the sale of two sites and lower-efficiency miners in 2025 for over $22.2 million, with the potential to receive up to an additional $18 million. We also gained future access to 100MW of additional power in 2025, nearly doubling our current capacity. We will continue efforts to further restructure our senior unsecured debt due October 2026 and position the Company to utilize its energy footprint for actionable growth opportunities that maximize value for all Greenidge stakeholders."

1. Excludes $3.1 million and $1.0 million in capitalized contractual interest payments as of December 31, 2025 for our senior unsecured debt due October 2026 and June 2030, respectively. See Note 5, "Debt," in the Notes to our Unaudited Condensed Consolidated Financial Statements.

About Greenidge Generation Holdings Inc.

Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on datacenters, electrical and infrastructure development, engineering, procurement, construction management, operations and site maintenance.