Greenidge Generation Reports 1st Quarter 2023.

FAIRFIELD, Conn: Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge" or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the first quarter of 2023.

"Our results for the first quarter of 2023 are consistent with the estimates we released in April," said Dave Anderson, Chief Executive Officer of Greenidge. "During the first quarter of 2023, we have effectively transitioned our business to a lower risk profile, which has allowed us to continue to participate in the upside of increases to bitcoin prices enabling us to significantly reduce our Adjusted EBITDA loss from continuing operations when comparing to the fourth quarter of 2022 and improving liquidity due to significantly reduced debt service."

First Quarter 2023 Financial Results

Greenidge's revenue for the first quarter was $15.2 million, down 48% compared to the prior year. Cryptocurrency datacenter hosting revenue was $6.9 million as compared to none in the prior year. Cryptocurrency datacenter self-mining revenue was $6.5 million, down 72% versus the prior year as Greenidge transitioned its capacity towards datacenter hosting during the first quarter of 2023. Power and Capacity revenue was $1.8 million, down 70% compared...