Greenidge Doubles Power Revenue to $18.7M and Advances 60MW AI Datacenter
Greenidge Generation reported Q1 2026 revenue of $20.8 million, with power and capacity revenue more than doubling year-over-year to $18.7 million. The company secured a proposed 60MW Dresden interconnection agreement, initiated a 250MW Mississippi load study and sold $1.08 million in non-core assets while reducing debt.
1. Q1 Financial Performance
Greenidge reported total revenue of $20.8 million for Q1 2026, up $1.6 million year-over-year. Power and capacity revenue reached $18.7 million, more than doubling, while net loss narrowed to $4.6 million and adjusted EBITDA loss fell to $1.0 million.
2. AI/HPC Infrastructure Expansion
The company received a proposed 60MW non-curtailable power interconnection agreement at its Dresden site and submitted a request for 250MW of additional power at its Mississippi greenfield facility, supplementing 40MW expected to be energized in Q1 2027. Advisors have been engaged for site marketing and detailed AI/HPC datacenter design.
3. Balance Sheet and Asset Monetization
Greenidge signed an agreement in April to sell a non-core Mississippi asset for $1.08 million and continued near-term debt reduction, ending Q1 with $7.1 million cash, $6.7 million in bitcoin and $38.9 million of senior unsecured debt due in 2026 and 2030.
4. Operations and Capacity Metrics
The company operates 111.5MW of active self-mining, hosting and power generation across New York and North Dakota, delivering 2.7 EH/s of combined datacenter hosting and cryptocurrency mining capacity. Q1 cryptocurrency mining revenue was $1.8 million with 28 Bitcoin produced.