Greenidge Generation Holdings Inc. (GREE): History, Ownership, Mission, How It Works & Makes Money

How does a company like Greenidge Generation Holdings Inc. (GREE), which operates a power plant and mines Bitcoin, achieve a massive 287.8% net income turnaround in a volatile market?

The answer lies in its vertically integrated model, which drove total revenue to $15.22 million in Q3 2025, with power and capacity sales surging 83% to $4.7 million alone, showing a clear shift in its revenue mix.

You need to understand how this dual-engine business-a power generator since 1937 and a crypto miner today-manages to reduce its senior unsecured debt to $44.6 million while simultaneously planning a 44 MW power expansion in Mississippi.

We'll defintely break down this complex structure, so you can map the risks and opportunities behind this unique financial story.

Greenidge Generation Holdings Inc. (GREE) History

Greenidge Generation Holdings Inc. is a fascinating case because its history is really two stories: a near-century-old power plant and a modern, vertically integrated cryptocurrency datacenter. The direct takeaway is that the company, originally a coal plant, successfully pivoted to a dual-revenue model-power generation and Bitcoin mining-but its current trajectory is defined by aggressive debt reduction and regulatory wins in 2025.

Greenidge Generation Holdings Inc.'s Founding Timeline

The entity you know as Greenidge Generation Holdings Inc. (GREE) traces its roots to a conventional power generation facility, though its current business model is a post-2014 restructuring. The original founding details are tied to the power plant, not the crypto-mining operation.

Year established

The original power plant was established in 1937.

Original location

The facility's original location is Dresden, New York, situated on the shores of Seneca Lake.

Founding team members

Specific details on the original 1937 founding team members are not publicly available in standard filings. The modern, vertically integrated company's trajectory, however, was later shaped by key figures like current CEO Jordan Kovler and the leadership of Atlas Holdings LLC, which was involved in the plant's 2014 restructuring.

Initial capital/funding

Information regarding the initial capital for the 1937 founding is not readily available. The company's modern phase involved significant capital for the 2014 conversion from coal to natural gas and subsequent investment in Bitcoin mining infrastructure.

Greenidge Generation Holdings Inc.'s Evolution Milestones

The company's history is a clear map of its transformation from a legacy power asset to a diversified digital infrastructure player. It's a story of radical pivot. Exploring Greenidge Generation Holdings Inc. (GREE) Investor Profile: Who's Buying and Why?

Greenidge Generation Holdings Inc.'s Transformative Moments

The real transformation happened in three distinct phases, moving from a single-revenue stream to a complex, regulated, and profitable dual-play model. The recent 2025 financial and regulatory moves are defintely the most critical for the near-term outlook.

The 2017 decision to integrate Bitcoin mining was the first major pivot. It fundamentally changed the business model from a simple power generator to a vertically integrated operation, allowing the company to use its own power capacity for a high-margin activity.

The 2025 financial restructuring has been a game-changer. Here's the quick math: reducing the original $72.2 million in senior unsecured debt by 47.2% to $38.0 million by Q3 2025 significantly de-risks the balance sheet.

• Q3 2025 Profitability: The company posted a Net Income of $12.0 million in Q3 2025, a massive turnaround that validates the cost-optimization and strategic shift.
• Revenue Diversification: Q3 2025 revenue breakdown shows a balanced model: Cryptocurrency mining revenue was $4.2 million, Datacenter hosting revenue was $6.3 million, and Power and capacity revenue was $4.7 million.
• Regulatory Clarity: The November 2025 agreement with NYSDEC for a five-year Title V Air Permit provides the operational certainty that investors demand, securing the Dresden facility's future as both a grid power provider and a datacenter.

What this estimate hides is the ongoing capital expenditure required to maintain and upgrade the mining fleet; for instance, Greenidge improved its active miner fleet efficiency by 10% to 21.3 J/TH by the end of Q3 2025, a continuous investment. The sale of the 7.5MW Mississippi mining facility for $3.9 million in Q3 2025 also shows a focused strategy of divesting non-core or less-efficient assets to strengthen the balance sheet.

Greenidge Generation Holdings Inc. (GREE) Ownership Structure

The ownership of Greenidge Generation Holdings Inc. is highly concentrated among insiders and retail investors, a common structure for smaller-cap, high-volatility companies, which means a few key players hold significant sway over strategic decisions.

Given Company's Current Status

Greenidge Generation Holdings Inc. is a publicly traded company, listed on the NASDAQ under the ticker symbol GREE. It operates as a vertically integrated cryptocurrency datacenter and power generation company, meaning it owns the power plant that fuels its Bitcoin mining operations. As of November 2025, the company's market capitalization stands at approximately $20.53 million.

The company recently reported a significant financial turnaround for the third quarter of 2025, posting a net income of $12.0 million on total revenue of $15.2 million. This is a dramatic shift and defintely one to watch as they continue to navigate debt reduction efforts and regulatory agreements, like the historic five-year air permit accord with New York State.

Given Company's Ownership Breakdown

The company's ownership structure is unusual for a public entity, showing a strong control by insiders. This means management and affiliated entities, like Atlas Capital Resources GP LLC, hold a substantial portion of the voting power, which can impact liquidity and future corporate actions.

Here's the quick math: with insiders controlling over 40% of the company, any major strategic shift, like a new asset sale or a significant capital raise, is largely decided internally, lessening the power of the general public shareholder base. You need to understand this dynamic before you invest.

Given Company's Leadership

The current leadership team, as of November 2025, is a mix of power generation veterans and financial experts, reflecting the company's dual nature. Timothy Fazio, Managing Partner and Co-Founder of Atlas Holdings LLC, was elected Chairman of the Board in April 2025, a key appointment given Atlas's substantial influence.

The day-to-day operations are steered by:

• Jordan Kovler: Chief Executive Officer (CEO). He has served as CEO since November 2023.
• Dale Irwin: President. He oversees daily operations and has been with Greenidge since 2014.
• Christian Mulvihill: Chief Financial Officer (CFO). He joined Greenidge in 2021, bringing a background in power, energy, and Bitcoin mining finance.
• Dustin Beaudry: Chief Technology Officer (CTO). He leads the technology and operational side of the datacenter business.
• Scott MacKenzie: Chief Strategy Officer. His focus is on mergers and acquisitions and strategic planning to maximize shareholder value.

The management team's average tenure is around 3 years, which is experienced enough to navigate the complex regulatory and energy markets the company operates in. For more on the foundational principles driving these leaders, check out the Mission Statement, Vision, & Core Values of Greenidge Generation Holdings Inc. (GREE).

Greenidge Generation Holdings Inc. (GREE) Mission and Values

Greenidge Generation Holdings Inc. focuses on integrating power generation with cryptocurrency mining, striving to balance technological innovation with environmental stewardship and community well-being. This dual focus defines its mission, which is anchored in sustainability and creating long-term stakeholder value.

You're looking for what truly drives the company beyond the quarterly earnings report. Honestly, their cultural DNA is a blend of old-school utility reliability and new-world digital asset ambition, plus a clear, hard-won focus on environmental compliance after past scrutiny.

Greenidge Generation Holdings Inc.'s Core Purpose

Official mission statement

The company's core purpose is to be a vertically integrated power generation and cryptocurrency datacenter operator that delivers reliable, low-cost energy for its digital asset mining operations while also serving the local power grid. This model is built on a commitment to 100% carbon-neutral Bitcoin mining at all locations, achieved by utilizing low-carbon energy sources and offsetting its carbon footprint.

• Balance technological innovation with environmental stewardship.
• Create long-term value for investors, employees, and communities.
• Prioritize operational excellence in both power and mining.

Here's the quick math on their focus: improving miner efficiency by 10% in Q3 2025 alone, hitting 21.3 J/TH (Joules per Terahash), directly cuts the energy cost per Bitcoin mined, which is operational excellence in action.

Vision statement

While a single, formal vision statement isn't widely published, Greenidge Generation Holdings Inc.'s actions and strategic goals point toward becoming the model for sustainable, vertically integrated digital asset infrastructure. Their vision is to secure a long-term, scalable future by resolving environmental challenges and expanding low-cost power capacity.

• Be a model datacenter operation for vertically integrated power and mining.
• Ensure long-term operational stability through regulatory certainty, like the historic agreement with the New York State Department of Environmental Conservation (NYSDEC) for a new five-year Title V Air Permit.
• Expand low-cost power capacity; they are targeting a total near-term mining capacity of 161.5MW, excluding future transactions.

This vision is defintely grounded in financial stability. In Q3 2025, the company reported a net income of $12.0 million, a 287.8% positive reversal from the prior-year period, which proves their model can be profitable while pursuing these goals. For more insights into the company's financial stability, you should read Breaking Down Greenidge Generation Holdings Inc. (GREE) Financial Health: Key Insights for Investors.

Greenidge Generation Holdings Inc. slogan/tagline

As of late 2025, Greenidge Generation Holdings Inc. does not have a widely recognized, official slogan or tagline. The company prefers to let its actions-like generating 95 Bitcoins in Q3 2025 while reducing senior unsecured debt by 47.2% to $38.0 million-speak for its strategic direction.

Greenidge Generation Holdings Inc. (GREE) How It Works

Greenidge Generation Holdings Inc. operates as a vertically-integrated power generator and Bitcoin mining company, creating value by producing electricity and then using a significant portion of that power to mine digital assets, plus selling the surplus to the wholesale market.

You're looking for the nuts and bolts of how they make money, and it's a dual-engine model: generating power and mining Bitcoin. This integration is the core of their strategy, allowing them to manage electricity costs and monetize their output in two distinct ways.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operational framework is built around its power plant in Dresden, New York, which provides a defintely unique cost advantage by eliminating transmission costs and market-price risk on the power used for mining.

• Power Generation: The facility generates electricity from natural gas, operating as a peaking and baseload plant depending on grid demand and profitability.
• Internal Consumption: A substantial portion of the generated power-often over 80%-is routed directly to the adjacent data center to power the Bitcoin mining fleet.
• Grid Sales: The remaining power is sold to the NYISO wholesale market, primarily during periods of high demand when prices are favorable.
• Financial Flexibility: Management can dynamically shift power allocation; if wholesale electricity prices spike above the cost-equivalent of mining a Bitcoin, they can reduce mining and sell more power to the grid. That's smart arbitrage.

Here's the quick math: If the cost to mine a single Bitcoin is, say, $20,000, but the grid is paying a price equivalent to $25,000 per Bitcoin's worth of energy, they sell the power. For a deeper dive into the numbers, check out Breaking Down Greenidge Generation Holdings Inc. (GREE) Financial Health: Key Insights for Investors.

Given Company's Strategic Advantages

The company's primary strategic edge is its vertical integration, which insulates its mining costs from the volatile wholesale electricity market that plagues non-integrated miners. This is a huge differentiator.

• Lowest Cost of Power: Owning the power plant means their cost of electricity for mining is the marginal cost of generation, not the higher market rate. This is a major competitive moat.
• Revenue Diversification: Unlike pure-play miners, the ability to sell power to the NYISO grid provides a second, non-correlated revenue stream, projected to account for approximately $30 million of the company's 2025 revenue.
• Scalability and Control: They have direct control over their energy supply, allowing for rapid expansion of mining capacity without being reliant on third-party power purchase agreements (PPAs).
• Environmental Compliance: Operating a facility that can be dispatched by the grid, while also making investments in carbon offsets and renewable energy credits, positions them to navigate increasing regulatory scrutiny on energy consumption.

What this estimate hides is the volatility of Bitcoin and natural gas prices, but still, the operational control is a massive lever for profitability.

Greenidge Generation Holdings Inc. (GREE) How It Makes Money

Greenidge Generation Holdings Inc. is a vertically integrated power generation and digital asset infrastructure company; it makes money by generating electricity, selling that power to the grid, and using its own low-cost power to mine Bitcoin and host other datacenter operations.

Greenidge Generation Holdings Inc.'s Revenue Breakdown

The company's business model is unique because it can pivot between selling power to the New York Independent System Operator (NYISO) grid and consuming it for Bitcoin mining, a strategy that diversifies risk. For the third quarter of 2025 (Q3 2025), total revenue was $15.22 million, with the largest share coming from hosting services.

Business Economics

The core economic advantage for Greenidge Generation Holdings Inc. is its ownership of its power plant in Dresden, New York, which allows it to control its largest operating cost: electricity. This vertical integration (owning the power source and the consumer, the datacenter) is the key differentiator in the volatile crypto mining sector.

• Pricing Strategy: The company operates a dual-pricing model. Power and Capacity revenue is tied to the wholesale electricity market (NYISO), where it can sell power at high peak-demand prices. Cryptocurrency Mining revenue is tied to the price of Bitcoin and the global mining difficulty rate.
• Cost of Bitcoin Production: Controlling the power source means Greenidge Generation Holdings Inc. can achieve a lower effective cost per Bitcoin mined compared to miners buying power at retail rates. Its active fleet efficiency improved to 21.3 Joules per Terahash (J/TH) in Q3 2025, which is a defintely solid metric for operational health and cost containment.
• Operational Pivot: The company can curtail (reduce) its mining operations to sell power back to the grid when wholesale electricity prices are higher than the revenue generated from mining Bitcoin. This acts as a natural hedge against low Bitcoin prices.

This ability to switch revenue streams is what gives the business model resilience. If Bitcoin drops, they sell more power; if power prices are low, they mine more Bitcoin. That's a smart setup.

For a deeper dive into the company's long-term strategy, you should check out the Mission Statement, Vision, & Core Values of Greenidge Generation Holdings Inc. (GREE).

Greenidge Generation Holdings Inc.'s Financial Performance

Greenidge Generation Holdings Inc. showed a significant financial turnaround in the third quarter of 2025, largely due to strategic debt maneuvers and strong performance in power sales.

• Net Income Turnaround: The company reported a net income of $11.96 million for Q3 2025, a dramatic reversal from a net loss in the prior-year period.
• Debt Restructuring Impact: This profitability was primarily driven by an $11.5 million gain on troubled debt restructuring, not solely from core operations.
• Operating Profitability: Core operations showed a modest profit, with an operating income of $0.30 million for Q3 2025, indicating that the business is near break-even before considering non-operating gains.
• Debt Reduction: A key financial action was reducing the senior unsecured debt due in October 2026 to approximately $38 million principal outstanding, which significantly improves the near-term financial stability.
• Bitcoin Production: The company mined 95 Bitcoins in Q3 2025.

Here's the quick math: The $11.5 million debt restructuring gain is a one-time boost, which is excellent for the balance sheet, but the underlying operating income of $0.30 million is the number to watch for sustained profitability. What this estimate hides is the volatility of both Bitcoin and wholesale power prices, which can swing that operating income number wildly quarter-to-quarter.

Next step: Finance: Analyze the Q3 2025 cash flow statement to separate operating cash from financing activities by Friday.

Greenidge Generation Holdings Inc. (GREE) Market Position & Future Outlook

Greenidge Generation Holdings Inc. is in a pivotal turnaround phase as of November 2025, successfully stabilizing its core power generation asset while aggressively restructuring its balance sheet. Its vertically integrated model provides a unique hedge against volatile Bitcoin mining economics, but the company remains a small-cap player in a capital-intensive industry, facing a critical debt maturity in 2026.

The company posted a dramatic Q3 2025 net income of $11.96 million, a massive swing from the prior year's loss, mostly driven by a non-operating $11.5 million gain from troubled debt restructuring, so the operational pressure is defintely still there. The strategic focus now is simple: reduce debt, secure regulatory certainty, and expand low-cost power capacity.

Competitive Landscape

Greenidge operates at a significantly smaller scale than the industry giants, positioning it as a niche player focused on its dual-revenue stream-power generation and Bitcoin mining. Its core competitive edge is the ownership of its power plant, which allows it to sell power back to the grid for revenue (or power credits) during peak demand, a flexibility most pure-play miners lack.

Here's the quick math: Greenidge's total active datacenter hashrate is approximately 3.3 Exahashes per second (EH/s), which is less than 1% of the global network hashrate, putting it far behind the leaders who operate at fifty to sixty times its scale. This is a scale game now.

Opportunities & Challenges

The company's future hinges on its ability to execute its debt strategy and capitalize on its regulatory win in New York. The Q3 2025 revenue was $15.22 million, with power and capacity sales jumping 83% to $4.7 million, showing the value of the diversified model.

Industry Position

Greenidge Generation Holdings Inc. is a small, specialized entity in the Bitcoin mining sector, but its vertically integrated model makes it an infrastructure play, not just a pure-play miner. This dual nature is its key differentiator, but also a complexity.

• Vertical Integration Edge: Owning the power plant means lower, more predictable energy costs for mining and the ability to generate a non-mining revenue stream by selling power to the grid, which is crucial in the post-halving environment.
• ESG Compliance Leader: The New York permit agreement mandates emissions reductions that exceed state climate goals, positioning the company as a leader in navigating stringent environmental standards.
• Financial Leverage: While the debt reduction is a positive sign, the market capitalization of only $19.67 million (as of November 2025) reflects investor caution regarding the debt load and the negative operating cash flow.
• Scaling Challenge: Competitors are scaling to 40-60 EH/s, while Greenidge focuses on a smaller, more controlled growth to 161.5MW capacity by Q2 2026. This limits its market share but prioritizes cost control and regulatory adherence.

To understand the foundation of this strategy, you should review the Mission Statement, Vision, & Core Values of Greenidge Generation Holdings Inc. (GREE).