Greenidge Generation Holdings, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Business & Operational Highlights

  • Company pivoted strategy due to volatile bitcoin and energy markets: focused on preserving liquidity and maximizing existing infrastructure at Dresden, NY and Spartanburg, SC sites.
  • Targeting 3.6 EH/s installed mining capacity by Q1 2023 across both locations, fully funded with less than $7.5M remaining infrastructure costs.
  • Dresden facility powered by 106 MW natural gas plant with planned mining capacity of 2.1 EH/s; realized 100% uptime in Q2 and since quarter end.
  • Spartanburg site set to upgrade to 50 MW electrical service by Q1 2023 with planned capacity of 1.5 EH/s, an increase of ~900 PH/s from end of Q2.
  • Company has curtailed less efficient mining operations during periods of high merchant power prices to sell power instead — a revenue-optimizing strategy.
  • Older, less efficient miners are being phased out in favor of newer, more efficient units to improve fleet efficiency.

Financial Highlights (Q2 2022 vs Q2 2021)

  • Total Revenue: Increased 90% YoY.
  • Cryptocurrency Mining Revenue: Increased 43% YoY — higher bitcoin production offset by ~30% lower average bitcoin price.
  • Bitcoin Production: 621 BTC mined, nearly 100% more than Q2 2021.
  • Hashrate Average: Increased 200% YoY.

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Operator: Good afternoon. I'm Tom Champion from Greenidg Generation Investor Relations, and thank you for joining us. Today, the company issued a press release announcing our second quarter 2022 financial results. A copy of the press release is available on Greenidg Generation’s Web site at ir.greenidg.com. With me today are Jeff Kirt, Chief Executive Officer; Bob Loughran, Chief Financial Officer; Terence Burke, General Counsel. Jeff will begin by providing a business update and Bob will then discuss our financial results for the quarter. Jeff will then provide closing remarks. Please note that this call will include forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from management's current expectations are set forth in the company's earnings release dated August 15, 2022 and in our SEC filings, including the company's most recent reports on forms 10-K and 10-Q. We encourage you to review the safe harbor statements contained in today's press release. Copies of our SEC filings maybe obtained by visiting our Web site or the SEC's Web site at sec.gov. It is now my pleasure to introduce Jeff Kirt, Chief Executive Officer. Jeff? Jeff Kirt: Thank you, Tom. And for those of you who have not met Tom, he joined us recently to head up our Investor Relations effort, as well as business development. Tom or Champ, as the name by which many of you know him, has several decades of experience on Wall Street on

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