Greenidge Generation Holdings Inc. (GREE) Stock Analysis and Metrics

Greenidge Generation Holdings

NASDAQ: GREE

$2.09 ▲ +0.06 (+2.71%)

At close: Jul 14, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap26.96 Mn

P/E4.30

P/S0.45

Div. Yield0.00

ROIC (Qtr)0.00

Total Debt (Qtr)3.02 Mn

Revenue Growth (1y) (Qtr)8.27

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About

Greenidge Generation Holdings Inc. is a developer and operator of datacenters and powered assets designed to support energy-intensive computing workloads. The company builds maintains and operates datacenters focused on bitcoin mining along with related power and electric infrastructure. It generates revenue from datacenter hosting cryptocurrency self-mining and power and capacity sales. Greenidge Generation Holdings Inc. is increasingly focused on leveraging its power generation assets grid interconnection rights and datacenter development expertise to support artificial intelligence and high-performance computing workloads which it believes represent a significant long-term growth opportunity.

Greenidge Generation Holdings Inc. generates revenue from three primary sources datacenter hosting cryptocurrency self-mining and power and capacity sales. Under datacenter hosting the company provides hosting power and technical support services for mining equipment owned by third parties such as affiliates of NYDIG ABL LLC under the NYDIG Hosting Agreement. Cryptocurrency self-mining involves earning bitcoin as rewards and transaction fees by contributing hashrate to the global bitcoin network using application-specific integrated circuit computers owned or leased by the company. Power and capacity sales derive from the company's 106 megawatt natural gas power generation facility connected to the New York Independent System Operator where it sells electricity capacity and ancillary services in the wholesale market. Revenue from these sales includes energy revenue based on hourly power prices capacity revenue for committing to sell power when dispatched and ancillary services revenue for providing operating reserves when selected by the NYISO.

The company operates through the following segments:

• Datacenter Operations This segment includes the development maintenance and operation of datacenters focused on bitcoin mining and related power infrastructure. Activities involve hosting third-party mining equipment self-mining cryptocurrency and managing the associated power consumption and infrastructure at facilities such as the New York Facility in Torrey New York the North Dakota Facility through a five-year lease and development efforts at the Columbus Mississippi site.

• Power Generation This segment encompasses the ownership and operation of the 106 megawatt natural gas power generation plant in Torrey New York. The facility generates electricity sold to the New York Independent System Operator and provides behind-the-meter power to datacenter operations at the New York Facility. It also includes capacity and ancillary service sales in the wholesale electricity market and is supported by natural gas supply agreements and grid interconnection rights.

Greenidge Generation Holdings Inc. operates in a competitive landscape that includes other large public and private bitcoin mining companies traditional datacenter developers and operators hyperscale cloud providers and infrastructure companies seeking access to reliable and competitively priced power capacity. The company believes its competitive advantages stem from vertical integration of power generation and datacenter operations low power costs through access to the Millennium Pipeline price hub and a cool climate reducing the need for active cooling hosting arrangements that cover power and direct operating costs behind-the-meter power supply reducing reliance on third-party agreements and operational expertise from years of operating energy-intensive computing facilities. Additionally the company benefits from institutional backing through its controlling stockholder Atlas and its affiliates which own and operate over 2000 megawatts of power generation assets and generate significant annual revenues.

The company serves a diverse customer base that includes third-party cryptocurrency mining companies such as affiliates of NYDIG ABL LLC under the NYDIG Hosting Agreement wholesale electricity market participants in New York State and entities involved in artificial intelligence and high-performance computing workloads as the company expands its focus toward these emerging opportunities.

Investment Thesis

▲ Bull case

Greenidge’s recent sale of its 152-acre property in Spartanburg, South Carolina for $18 million in immediate cash and the potential for up to another $18 million in earnout payments represents a significant unlock of value from an asset that was not a core part of the company’s ongoing operations, generating immediate liquidity while preserving future upside. This transaction reduces the company’s reliance on volatile cryptocurrency mining revenues by diversifying into real estate monetization, and the earnout structure—paying $180,000 per megawatt of power capacity made available above a 60 MW threshold by 2031—ties additional payouts to infrastructure development that could be driven by broader demand for data center capacity, independent of Bitcoin price swings. The proceeds from this sale, combined with prior divestments, have directly funded balance sheet improvements, reducing gross debt from $68.5 million to $37.8 million on the 2026 notes and increasing cash and Bitcoin holdings to nearly $9.8 million as of November 2025, which materially strengthens the company’s financial flexibility. Management’s repeated emphasis on the “disciplined playbook” of identifying undervalued power assets, maximizing their utility, and selling at peak value suggests a repeatable model that could be applied to other underutilized sites, particularly as demand for AI-ready data center infrastructure continues to grow. The company’s ability to generate nearly $22.1 million in cash from divestments over the past year, while simultaneously advancing its Mississippi expansion project targeting 40 MW of availability by March 2027, demonstrates capital efficiency and a clear path to scaling operations without excessive dilution or new debt. Furthermore, the ongoing evaluation of exchanging 2026 notes for higher-yielding 2030 notes via a tax-free recapitalization could further lower the effective cost of capital and extend debt maturities, reducing near-term refinancing risk and signaling confidence in long-term viability. These actions collectively reflect a proactive strategy to transform the balance sheet from a source of vulnerability into a foundation for sustainable growth, particularly as the company shifts focus toward its Dresden facility and explores AI/HPC workloads, which offer more stable and scalable revenue streams than pure cryptocurrency mining.

Greenidge’s recent sale of its 152-acre property in Spartanburg, South Carolina for $18 million in immediate cash and the potential for up to another $18 million in earnout payments represents a significant unlock of value from an asset that was not a core part of the company’s ongoing operations, generating immediate liquidity while preserving future upside. This transaction reduces the company’s reliance on volatile cryptocurrency mining revenues by diversifying into real estate monetization, and the earnout structure—paying $180,000 per megawatt of power capacity made available above a 60 MW threshold by 2031—ties additional payouts to infrastructure development that could be driven by broader demand for data center capacity, independent of Bitcoin price swings. The proceeds from this sale, combined with prior divestments, have directly funded balance sheet improvements, reducing gross debt from $68.5 million to $37.8 million on the 2026 notes and increasing cash and Bitcoin holdings to nearly $9.8 million as of November 2025, which materially strengthens the company’s financial flexibility. Management’s repeated emphasis on the “disciplined playbook” of identifying undervalued power assets, maximizing their utility, and selling at peak value suggests a repeatable model that could be applied to other underutilized sites, particularly as demand for AI-ready data center infrastructure continues to grow. The company’s ability to generate nearly $22.1 million in cash from divestments over the past year, while simultaneously advancing its Mississippi expansion project targeting 40 MW of availability by March 2027, demonstrates capital efficiency and a clear path to scaling operations without excessive dilution or new debt. Furthermore, the ongoing evaluation of exchanging 2026 notes for higher-yielding 2030 notes via a tax-free recapitalization could further lower the effective cost of capital and extend debt maturities, reducing near-term refinancing risk and signaling confidence in long-term viability. These actions collectively reflect a proactive strategy to transform the balance sheet from a source of vulnerability into a foundation for sustainable growth, particularly as the company shifts focus toward its Dresden facility and explores AI/HPC workloads, which offer more stable and scalable revenue streams than pure cryptocurrency mining.

▼ Bear case

Despite the optimistic messaging around the South Carolina sale and debt restructuring, Greenidge continues to operate in a highly volatile and capital-intensive business model where core profitability remains elusive, as evidenced by negative Adjusted EBITDA of ($3.1 million to $2.1 million) for the full year 2025 and ($6.2 million to $5.2 million) in Q4 2025, indicating that the company is still burning cash even after accounting for non-cash adjustments and asset sales. The reliance on divesting non-core assets—such as the South Carolina property and prior site sales generating $22.1 million—to fund operations and reduce debt is not a sustainable long-term strategy, as it depletes the asset base without generating recurring revenue, and the earnout payments from the South Carolina sale are contingent on uncertain future power capacity deliveries that may not materialize due to delays in construction, permitting, or lack of tenant demand. The company’s stated pivot toward AI/HPC and hosting services lacks concrete evidence of scalable demand or committed contracts, and the current infrastructure—111.5 MW across New York and North Dakota delivering only 2.8 EH/s of combined capacity—suggests underutilization, with a significant portion of capacity potentially idle or underperforming relative to the power being generated. Furthermore, the ongoing exchange offers for the 2026 notes, while reducing principal, have resulted in the issuance of new 2030 notes at a higher 10.0% coupon compared to the original 8.5%, increasing annual interest expenses and potentially worsening long-term debt sustainability, especially if the company fails to generate sufficient free cash flow to service this debt. The market may be underestimating the structural challenges in the Bitcoin mining sector, including persistent regulatory scrutiny over energy consumption, the cyclical nature of cryptocurrency prices, and the increasing competition from larger, more efficient operators with access to cheaper renewable energy, all of which could limit the company’s ability to meaningfully grow its mining or hosting operations. Finally, the reliance on holding Bitcoin as a balance sheet asset—valued at $6.5 million as of December 2025—introduces significant volatility, as any downturn in cryptocurrency values could quickly erode the reported net debt improvements and trigger covenant concerns or renewed investor skepticism about the quality of the company’s liquidity.

Despite the optimistic messaging around the South Carolina sale and debt restructuring, Greenidge continues to operate in a highly volatile and capital-intensive business model where core profitability remains elusive, as evidenced by negative Adjusted EBITDA of ($3.1 million to $2.1 million) for the full year 2025 and ($6.2 million to $5.2 million) in Q4 2025, indicating that the company is still burning cash even after accounting for non-cash adjustments and asset sales. The reliance on divesting non-core assets—such as the South Carolina property and prior site sales generating $22.1 million—to fund operations and reduce debt is not a sustainable long-term strategy, as it depletes the asset base without generating recurring revenue, and the earnout payments from the South Carolina sale are contingent on uncertain future power capacity deliveries that may not materialize due to delays in construction, permitting, or lack of tenant demand. The company’s stated pivot toward AI/HPC and hosting services lacks concrete evidence of scalable demand or committed contracts, and the current infrastructure—111.5 MW across New York and North Dakota delivering only 2.8 EH/s of combined capacity—suggests underutilization, with a significant portion of capacity potentially idle or underperforming relative to the power being generated. Furthermore, the ongoing exchange offers for the 2026 notes, while reducing principal, have resulted in the issuance of new 2030 notes at a higher 10.0% coupon compared to the original 8.5%, increasing annual interest expenses and potentially worsening long-term debt sustainability, especially if the company fails to generate sufficient free cash flow to service this debt. The market may be underestimating the structural challenges in the Bitcoin mining sector, including persistent regulatory scrutiny over energy consumption, the cyclical nature of cryptocurrency prices, and the increasing competition from larger, more efficient operators with access to cheaper renewable energy, all of which could limit the company’s ability to meaningfully grow its mining or hosting operations. Finally, the reliance on holding Bitcoin as a balance sheet asset—valued at $6.5 million as of December 2025—introduces significant volatility, as any downturn in cryptocurrency values could quickly erode the reported net debt improvements and trigger covenant concerns or renewed investor skepticism about the quality of the company’s liquidity.

Segments Breakdown of Revenue (2025)

Peer Comparison

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1	MS	Morgan Stanley	330.70 Bn	0.00 Bn	4.50	119.83 Bn
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3	SCHW	Schwab Charles Corp	167.21 Bn	0.00 Bn	6.74	-
4	FUTU	Futu Holdings Ltd	111.36 Bn	85.66 Bn	82.13	0.01 Bn
5	HOOD	Robinhood Markets, Inc.	97.69 Bn	0.00 Bn	21.18	-
6	LPLA	LPL Financial Holdings Inc.	23.49 Bn	0.00 Bn	1.29	-
7	TW	Tradeweb Markets Inc.	21.59 Bn	0.00 Bn	9.99	-
8	CRCL	Circle Internet Group, Inc.	15.14 Bn	0.00 Bn	6.85	-

Research Tools

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About

Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Developers

About

Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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