Greenidge Generation Holdings Inc. - 2025年季度报告

FORM10-Q________________________________ For the quarterly period endedMarch31, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transion period from _____________________ to _____________________ Greenidge Generaon Holdings Inc. (Exact Name of Registrant as Specified in its Charter)________________________________ Delaware(State or other jurisdicon ofincorporaon or organizaon)1159 Pisford-Victor Road,Suite 240Pisford,New York Registrant’s telephone number, including area code: (315)536-2359 Indicate by check mark whether the registrant (1) hasfiled all reports required to befiled by Secon 13 or 15(d) of the Securies Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yes xNoo Indicate by check mark whether the registrant has submied electronically every Interacve Data File required to be submied pursuant to Rule405 of Regulaon S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit Indicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, smaller reporng company,or an emerging growth company. See the definions of “large acceleratedfiler,” “acceleratedfiler,” “smaller reporng company,” and “emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transion period for complying withany new or revisedfinancial accounng standards provided pursuant to Secon 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNo xAs of May12, 2025, the registrant had12,705,321shares of Class A common stock, $0.0001 par value per share, outstanding and2,733,394shares of Class B common stock, $0.0001 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATION Item 1.Financial Statements Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited)Condensed Consolidated Statements of Cash Flows (Unaudited) Notes to Condensed Consolidated Financial Statements (Unaudited)7Item 2.Management’s Discussion and Analysis of Financial Condion and Results of Operaons25Item 3.Quantave and Qualitave Disclosures About Market Risk36 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes certain statements that may constute “forward-looking statements” within the meaning ofSecon 27A of the Securies Act of 1933, as amended (the “Securies Act”), and Secon 21E of the Securies Exchange Act of 1934, asamended (the “Exchange Act”). All statements other than statements of historical fact are forward-looking statements for purposes offederal and state securies laws. These forward-looking statements involve uncertaines that could significantly affect ourfinancial oroperang results. These forward-looking statements may be idenfied by terms such as “ancipate,” “believe,” “connue,” “foresee,”“expect,” “intend,” “plan,” “may,” “will,” “would” “could” and “should” and the negave of these terms or other similar expressions. Forward-looking statements are subject to a number of risks, uncertaines and assumpons. Maers and factors that could cause actualresults to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the maersand factors described in Part I, Item 1A. “Risk Factors” of the most recent Form 10-K of Greenidge Generaon Holdings Inc. (“Greenidge,”the “Company,” “we,” “us,” or “our”)filed with the Securies and Exchange Commission ("SEC") and in this Quarterly Report on Form 10- Greenidge Generaon Holdings Inc.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) 1.ORGANIZATION AND DESCRIPTION OF BUSINESS Greenidge Generaon Holdings Inc., together with its subsidiaries (collecvely, "Greenidge" or the "Company") owns and operates avercally integrated cryptocurrency datacenter and power generaon company. The Company owns and operates facilies in Torrey, NewYork (the "New York Facility") and Columbia, Mississippi (the "Mississippi Facility"), and operates a facility under a lease in Underwood,North Dakota (the "North Dakota Facility"). The Company generates revenue in U.S. dollars by providing hosng, power and technicalsupport services to third-party owned bitcoin mining equipment and generates revenue in the form of bitcoin by earning bitcoin asrewards and transacon fees for supporng the global bitcoin network with applicaon-specific integrated circuit computers ("ASICs" or"miners") owned by the Company, which may be operated at the Company's sites or at third-party hosng sites through short-term 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Prese