Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | Greenidge Generation Holdings Inc. | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Mar. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001844971 | |
Document Transition Report | false | |
Entity File Number | 001-40808 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-1746728 | |
Entity Address, Address Line One | 135 Rennell Drive | |
Entity Address, City or Town | 3rd FloorFairfield | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06890 | |
City Area Code | 203 | |
Local Phone Number | 718-5960 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Fiscal Period Focus | Q1 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | GREE | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 12,838,861 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,526,372 | |
8.50% Senior Notes due 2026 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.50% Senior Notes due 2026 | |
Trading Symbol | GREEL | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 96,453 | $ 82,599 |
Short term investments | 496 | |
Digital assets | 393 | 476 |
Accounts receivable | 5,569 | 5,524 |
Prepaid expenses | 10,286 | 9,146 |
Emissions and carbon offset credits | 1,025 | 2,361 |
Total current assets | 113,726 | 100,602 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 292,051 | 217,091 |
Right-of-use assets | 1,375 | 1,472 |
Intangible assets, net | 3,305 | 3,537 |
Goodwill | 3,062 | 3,062 |
Deferred tax assets | 16,846 | 15,058 |
Other long-term assets | 989 | 445 |
Total assets | 431,354 | 341,267 |
CURRENT LIABILITIES: | ||
Accounts payable | 14,823 | 5,923 |
Accrued emissions expense | 2,637 | 2,634 |
Accrued expenses | 11,676 | 10,375 |
Income taxes payable | 3,879 | 2,481 |
Long-term debt, current portion | 66,729 | 19,577 |
Lease obligation, current portion | 500 | 736 |
Total current liabilities | 100,244 | 41,726 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing fees | 103,191 | 75,251 |
Lease obligation, net of current portion | 195 | 193 |
Asset retirement obligations | 2,691 | 2,691 |
Environmental liability | 8,615 | 8,615 |
Other long-term liabilities | 366 | 368 |
Total liabilities | 215,302 | 128,844 |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Common stock | 4 | 4 |
Additional paid-in capital | 285,905 | 281,815 |
Cumulative translation adjustment | (32) | |
Accumulated deficit | (69,825) | (69,396) |
Total stockholders' equity | 216,052 | 212,423 |
Total liabilities and stockholders' equity | $ 431,354 | $ 341,267 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, Par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, Shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, Shares outstanding | 0 | 0 |
Common stock, Par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, Shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, Shares issued | 41,363,271 | 40,865,336 |
Common stock, Shares outstanding | 41,363,271 | 40,865,336 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUE: | ||
Total revenue | $ 37,655 | $ 11,063 |
OPERATING COSTS AND EXPENSES | ||
Selling, general, and administrative | 14,392 | 3,229 |
Merger and other costs | (213) | (105) |
Depreciation and amortization | 3,978 | 1,261 |
Total operating costs and expenses | 35,133 | 9,178 |
Income from operations | 2,522 | 1,885 |
OTHER INCOME (EXPENSE), NET: | ||
Interest expense, net | (3,353) | (166) |
Interest expense—related party | 0 | (22) |
(Loss) gain on sale of digital assets | (5) | 295 |
Other income, net | 39 | 19 |
Total other (expense) income, net | (3,319) | 126 |
(LOSS) INCOME BEFORE INCOME TAXES | (797) | 2,011 |
(Benefit) provision for income taxes | (368) | 732 |
NET (LOSS) INCOME | (429) | 1,279 |
Foreign currency translation adjustment | (32) | 0 |
COMPREHENSIVE (LOSS) INCOME | $ (461) | $ 1,279 |
(Loss) earnings per share: | ||
Basic | $ (0.01) | $ 0.02 |
Diluted | $ (0.01) | $ 0.02 |
Cryptocurrency Mining [Member] | ||
REVENUE: | ||
Total revenue | $ 23,232 | $ 8,997 |
OPERATING COSTS AND EXPENSES | ||
Cost of revenue | 8,456 | 2,574 |
Power and Capacity [Member] | ||
REVENUE: | ||
Total revenue | 5,923 | 2,066 |
OPERATING COSTS AND EXPENSES | ||
Cost of revenue | 4,023 | 2,009 |
Services and Other [Member] | ||
REVENUE: | ||
Total revenue | 8,500 | 0 |
OPERATING COSTS AND EXPENSES | ||
Cost of revenue | $ 4,071 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid - In Capital [Member] | Common Units [Member] | Preferred Units [Member] | Senior Priority Units [Member] | Total Members' Capital [Member] | Accumulated Deficit [Member] | Cumulative Translation Adjustment [Member] |
Beginning Balance at Dec. 31, 2020 | $ 44,360 | $ (24,916) | ||||||||
Members' Capital, Beginning Balance at Dec. 31, 2020 | $ 39,074 | $ 30,202 | $ 69,276 | |||||||
Members' Capital, Common Units, Beginning Balance (in units) at Dec. 31, 2020 | 750 | |||||||||
Members' Capital, Preferred Units, Beginning Balance (in units) at Dec. 31, 2020 | 39,228 | |||||||||
Members' Capital, Senior Priority Units, Beginning Balance (in units) at Dec. 31, 2020 | 10,000 | |||||||||
Contribution of Preferred Units, Senior Priority Units, and notes payable to related party for Greenidge class B common stock (Note 9) | 3,615 | $ 3 | $ 72,888 | $ (39,074) | $ (30,202) | $ (69,276) | ||||
Contribution of Preferred Units, Senior Priority Units, and notes payable to related party for Greenidge class B common stock (Note 9) (in shares/units) | 26,800,300 | (39,228) | (10,000) | |||||||
Contribution of GGH Common Units for Greenidge class B common stock (Note 9) | $ (750) | |||||||||
Contribution of GGH Common Units for Greenidge class B common stock (Note 9) (in shares/units) | 1,199,700 | |||||||||
Proceeds from issuance of preferred stock, net of stock issuance costs | 37,112 | $ 1 | 37,112 | |||||||
Proceeds from issuance of preferred stock, net of stock issuance costs (in shares) | 1,620,000 | |||||||||
Stock-based compensation expense | 656 | 656 | ||||||||
Proceeds from stock options exercised | 1,000 | 1,000 | ||||||||
Proceeds from stock options exercised (in shares) | 160,000 | |||||||||
Stock issued to purchase miners | 991 | 991 | ||||||||
Stock issued to purchase miners (in shares) | 160,000 | |||||||||
Net (loss) income | 1,279 | 1,279 | ||||||||
Ending Balance at Mar. 31, 2021 | 89,014 | $ 1 | $ 3 | 112,647 | (23,637) | |||||
Ending Balance (in shares) at Mar. 31, 2021 | 1,620,000 | 28,320,000 | ||||||||
Beginning Balance at Dec. 31, 2021 | 212,423 | $ 4 | 281,815 | (69,396) | ||||||
Beginning Balance (in shares) at Dec. 31, 2021 | 40,865,336 | |||||||||
Stock-based compensation expense | 362 | 362 | ||||||||
Issuance of shares, net of issuance costs | 3,791 | 3,791 | ||||||||
Issuance of shares, net of issuance costs, Shares | 415,000 | |||||||||
Restricted shares award issuance, net of withholdings | (65) | (65) | ||||||||
Restricted shares award issuance, net of withholdings, Shares | 82,601 | |||||||||
Proceeds from stock options exercised | 2 | 2 | ||||||||
Proceeds from stock options exercised (in shares) | 334 | |||||||||
Foreign currency translation adjustment | (32) | $ (32) | ||||||||
Net (loss) income | (429) | (429) | ||||||||
Ending Balance at Mar. 31, 2022 | $ 216,052 | $ 4 | $ 285,905 | $ (69,825) | $ (32) | |||||
Ending Balance (in shares) at Mar. 31, 2022 | 41,363,271 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Payment of stock issuance costs | $ 147 | |
Preferred Stock | ||
Payment of stock issuance costs | $ 3,387 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (429) | $ 1,279 |
Adjustments to reconcile net (loss) income to net cash flow from operating activities: | ||
Depreciation and amortization | 3,978 | 1,261 |
Deferred income taxes | (1,788) | 482 |
Amortization of debt issuance costs | 424 | 0 |
Accretion of asset retirement obligations | 0 | 33 |
Stock-based compensation expense | 362 | 656 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (45) | 283 |
Emissions credits/carbon offsets | 1,336 | 1,336 |
Prepaids and other assets | (1,608) | (704) |
Accounts payable | 1,398 | (770) |
Accrued emissions | 3 | (1,670) |
Accrued expenses | 1,301 | 51 |
Income taxes payable | 1,398 | 250 |
Net cash flow provided by operating activities | 6,330 | 2,487 |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Purchases of and deposits for property and equipment | (71,135) | (5,667) |
Proceeds from sale of marketable securities | 496 | 0 |
Net cash flow used in investing activities | (70,639) | (5,667) |
CASH FLOW FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of preferred stock, net of issuance costs | 37,112 | |
Proceeds from issuance of common stock, net of issuance costs | 3,791 | |
Proceeds from stock options exercised | 2 | 1,000 |
Restricted stock unit awards settled in cash for taxes | (65) | |
Proceeds from debt, net of issuance costs | 80,371 | |
Principal payments on debt | (5,702) | (818) |
Repayments of finance lease obligations | (234) | |
Net cash flow provided by financing activities | 78,163 | 37,294 |
CHANGE IN CASH AND CASH EQUIVALENTS | 13,854 | 34,114 |
CASH AND CASH EQUIVALENTS—beginning of year | 82,599 | 5,052 |
CASH AND CASH EQUIVALENTS—end of year | $ 96,453 | $ 39,166 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Greenidge Generation Holdings Inc. (“Greenidge”) and its subsidiaries (collectively, the “Company”) own and operate a vertically integrated cryptocurrency datacenter and power generation company. The Company owns and operates facilities at two locations: the Town of Torrey, New York and Spartanburg, South Carolina. The Company’s cryptocurrency datacenter operations generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers (“ASICs” or “miners”) owned or leased by the Company. The earned bitcoin is then exchanged for U.S. dollars. The Company owns and operates a 106 megawatt ("MW") power facility that is connected to the New York Independent System Operator (“NYISO”) power grid. The Company sells electricity to the NYISO at all times when its power plant is running and increases or decreases the amount of electricity sold based on prevailing prices in the wholesale electricity market and demand for electricity. Merger with Support.com, Inc. On September 14, 2021, GGH Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of Greenidge, merged with and into Support.com, Inc. (“Support.com”), with Support.com continuing as the surviving corporation (the “Merger”) and a wholly owned subsidiary of Greenidge, pursuant to the Agreement and Plan of Merger, dated March 19, 2021 (the “Merger Agreement”), among Greenidge, Support.com and Merger Sub. The Merger combined the respective businesses of Greenidge and Support.com through an all-stock transaction and has been accounted for using the acquisition method of accounting in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") 805, Business Combinations , with Greenidge being deemed the acquiring company for accounting purposes (see Note 3). Prior to the Merger, Greenidge's class A common stock ("class A common stock") was registered pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and, upon completion of the Merger on September 15, 2021, began trading on The Nasdaq Global Select Market under the ticker symbol “GREE”. Concurrently, Support.com deregistered its shares pursuant to the Exchange Act. Support.com provides solutions and technical programs to customers delivered by home-based employees. Support.com’s homesourcing model, which enables outsourced work to be delivered by people working from home, has been specifically designed for remote work, with attention to security, recruiting, training, delivery, and employee engagement. Since the consummation of the Merger, the Support.com business operates as a wholly-owned subsidiary and a segment of Greenidge. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of Condensed Consolidated Financial Statements In the opinion of Greenidge management, the accompanying condensed consolidated The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of the Company in Greenidge's 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies during 2022. Reclassifications Certain prior year amounts have been reclassified to conform to the current year's presentation. Recent Accounting Pronouncements, Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. As an emerging growth company, the Company has elected to adopt this pronouncement following the effective date for private companies beginning with periods beginning after December 15, 2021. The adoption of this standard did not materially impact the Company's condensed consolidated financial statements. |
MERGER WITH SUPPORT.COM
MERGER WITH SUPPORT.COM | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Merger with Support.com | 3. MERGER WITH SUPPORT.COM As described in Note 1, on September 14, 2021, Greenidge and Support.com combined their respective businesses through an all-stock merger transaction where Support.com became a wholly owned subsidiary of Greenidge. The Merger has been accounted for as a business combination using the acquisition method of accounting in accordance with the provisions of FASB ASC 805, Business Combinations (“ASC 805”). Greenidge was determined to be the acquiring company for accounting purposes. Results of Support.com Operations Since the Merger For the three months ended March 31, 2022, the acquired Support.com business contributed $ 8.5 million in revenue and $ 1.5 million of operating income, which includes approximately $ 0.2 million of amortization expenses of acquired intangible assets. Supplemental Pro Forma Financial Information In accordance with ASC 805, the following supplemental unaudited pro forma information gives effect to the Merger as if it had occurred on January 1, 2021. The unaudited pro forma financial information reflects certain adjustments related to the acquisition, such as: • Conforming the accounting policies of Support.com to those applied by Greenidge; • Recording certain incremental expenses resulting from purchase accounting adjustments, such as amortization expense in connection with fair value adjustments to intangible assets; and • Recording the related tax effects of pro forma adjustments. Three Months Ended $ in thousands March 31, 2021 Revenues $ 20,694 Net loss $ ( 778 ) The pro forma results for three months ended March 31, 2021 include $ 1.6 million of transaction costs for both Greenidge and Support.com ($ 1.2 million a fter tax), such as advisor fees, legal and accounting expenses. These costs will not affect the combined company’s statement of operations beyond 12 months after the closing date, September 14, 2021. The unaudited pro forma financial information should not be relied upon as being indicative of the historical results that would have been obtained if the Merger had actually occurred on that date, nor the results of operations of the Company in the future. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | . SEGMENT INFORMATION Effective September 14, 2021, following the completion of the Merger (see Notes 1 and 3), Support.com began operating within the Company as a separate operating and reporting segment; therefore, Greenidge has two operating and reporting segments since the Merger: (i) Cryptocurrency Datacenter and Power Generation and (ii) Support Services. The Cryptocurrency Datacenter and Power Generation segment generates revenue primarily by earning bitcoin, with miners that are owned by the Company, as rewards and transaction fees for supporting the global bitcoin network. The Cryptocurrency Datacenter and Power Generation segment also sells surplus electricity generated by its power plant, and not consumed in cryptocurrency datacenter operations, to the NYISO power grid at prices set on a daily basis through the NYISO wholesale market. In addition, the Company receives revenues from the sale of its capacity and ancillary services in the NYISO wholesale market. The Cryptocurrency Datacenter and Power Generation segment operates in the United States. The Support Services segment provides solutions and technical programs to customers delivered by home-based employees. The Support Services segment provides customer service, sales support, and technical support primarily to large corporations, businesses and professional services organizations. The Support Services segment also earns revenues for end-user software products provided through direct customer downloads and sales via partners. The Support Services segment operates primarily in the United States, but also has employees located in Philippines, India, Mexico, Colombia and Canada, including those staff providing support services. The Company’s measure of profit or loss for segment reporting is income (loss) before income taxes, interest and depreciation and amortization and adjusted for share based compensation and excluding items not indicative of ongoing business trends (referred to as “segment Adjusted EBITDA”). This is the measure used by the Company's Chief Operating Decision Maker to assess performance and allocate resources. The table below presents information about reportable segments for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, $ in thousands 2022 2021 Revenues: Cryptocurrency Datacenter and Power Generation $ 29,155 $ 11,063 Support Services 8,500 - Total Revenues $ 37,655 $ 11,063 Segment Adjusted EBITDA Cryptocurrency Datacenter and Power Generation $ 7,344 $ 4,221 Support Services 1,869 - Total Segments Adjusted EBITDA $ 9,213 $ 4,221 In addition, the table below provides a reconciliation of the total of the segments Adjusted EBITDA to the consolidated (loss) income before income taxes: Three Months Ended March 31, $ in thousands 2022 2021 Total Segments Adjusted EBITDA $ 9,213 $ 4,221 Depreciation and amortization ( 3,978 ) ( 1,261 ) Stock-based compensation ( 362 ) ( 656 ) Merger and other costs ( 213 ) ( 105 ) Expansion costs ( 2,104 ) - Interest expense, net ( 3,353 ) ( 188 ) Consolidated (loss) income before income taxes $ ( 797 ) $ 2,011 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following at March 31, 2022 and December 31, 2021: $ in thousands Estimated Useful March 31, 2022 December 31, 2021 Plant infrastructure 15 - 39 years $ 34,976 $ 34,725 Miners 5 years 64,138 48,121 Miner facility infrastructure 15 years 15,957 15,143 Land N/A 13,460 8,460 Equipment 5 years 961 1,660 Software 3 years 636 636 Coal ash impoundment 4 years 2,410 2,410 Construction in process N/A 45,195 25,856 Miner deposits N/A 135,327 98,110 313,060 235,121 Less: Accumulated depreciation ( 21,009 ) ( 18,030 ) $ 292,051 $ 217,091 Total depreciation expense was $ 3.7 million and $ 1.3 million for the three months ended March 31, 2022 and 2021, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. INTANGIBLE ASSETS The following is a summary of finite-lived intangible assets: $ in thousands Intangible Assets Accumulated Amortization Intangible Assets, Net Balance at December 31, 2021 $ 3,810 $ ( 273 ) $ 3,537 Amortization expense: Customer relationships - ( 207 ) ( 207 ) Tradename - ( 25 ) ( 25 ) Balance at March 31, 2022 $ 3,810 $ ( 505 ) $ 3,305 As described in Notes 1 and 3, on September 14, 2021, Greenidge and Support.com combined their respective businesses through an all-stock merger transaction that was accounted for as a business combination in accordance with ASC 805. Prior to the Merger, Greenidge did not have any intangible assets. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | . DEBT The Company has entered into equipment finance agreements that are secured by the purchased miner equipment. These agreements generally require monthly payments of principal, interest and a risk premium fee. The following table provides information on the equipment financing agreements: $ in thousands Balance as of: Note Loan Date Maturity Date Interest Initial March 31, 2022 December 31, 2021 Equipment Financings: A December 2020 June 2022 17.0 % $ 4,482 $ — $ 1,245 B December 2020 June 2022 17.0 % 428 24 95 C March 2021 November 2022 17.0 % 2,229 991 1,362 D April 2021 December 2022 17.0 % 4,012 2,006 2,674 E - H May 2021 October 2023 15.0 % 15,724 16,089 15,223 I July 2021 January 2023 17.0 % 4,457 2,724 3,468 J July 2021 March 2023 17.0 % 2,717 1,509 1,962 K October 2021 June 2023 17.0 % 2,223 1,606 1,976 L March 2022 April 2024 13.0 % 54,425 52,706 - Bonds Payable October 2021 October 2026 8.5 % 55,200 51,961 51,843 Bonds Payable December 2021 October 2026 8.5 % 17,000 15,053 14,980 Secured Promissory Note March 2022 July 2022 / 6.0 % 26,500 25,251 - 169,920 94,828 Less: Current portion ( 66,729 ) ( 19,577 ) $ 103,191 $ 75,251 The Company incurred interest expense of $ 3.4 million and $ 0.2 million during the three months ended March 31, 2022 and 2021, respectively, under the terms of these financings. Master Equipment Financing Agreement On March 21, 2022, Greenidge, as guarantor, together with its wholly-owned subsidiaries GTX Gen 1 Collateral LLC, GNY Collateral LLC and GSC Collateral LLC (collectively, the “Borrowers”), entered into a Master Equipment Finance Agreement (the “NYDIG Financing Agreement”) with NYDIG ABL LLC ("NYDIG"), as lender, whereby NYDIG agreed to lend to the Borrowers approximately $ 81 million under loan schedules that were partially funded for approximately $54 million in March 2022 and will continue to be funded to finance the acquisition of certain miners and related equipment (the “Financed Equipment”). The Borrowers' obligations under the NYDIG Financing Agreement are fully and unconditionally guaranteed by Greenidge. Outstanding borrowings under the NYDIG Financing Agreement are secured by all assets of the Borrowers, including without limitation, the Financed Equipment and proceeds thereof (including bitcoin). The partially funded loan schedules bear interest at a rate of 13 % per annum and have terms of twenty-five months. Certain loan schedules are interest-only for a specified period and otherwise payments on loan schedules include both an interest and principal payment. Pursuant to the terms of the NYDIG Financing Agreement, the Borrowers and with certain exceptions, the Company, will be subject to certain covenants and restrictive provisions which will, among other things: limit the Borrowers’ ability to incur additional indebtedness for borrowed money; limit additional liens on the collateral or the equity interests of any of the Borrowers; limit consolidations or mergers including the Borrowers or the Company unless such would not constitute a Change in Control (as defined therein); limit disposing of the collateral or any portion of the collateral with certain exceptions; limit the Borrowers’ ability to make certain restricted payments and investments; and limit the ability to create direct obligations of the Borrowers or the Company unless the NYDIG Financing Agreement is at least pari passu in right of payment; each of which are subject to customary and usual exceptions and baskets. The loans under the NYDIG Financing Agreement cannot be voluntarily partially prepaid, but may be prepaid in whole subject to a make-whole calculation. The NYDIG Financing Agreement is denoted in the table above as "Equipment Financings: L." Secured Promissory Note On March 18, 2022, Greenidge issued a secured promissory note, as borrower, in favor of B. Riley Commercial Capital, LLC, as noteholder (the “Noteholder”), evidencing a $ 26.5 million aggregate principal amount loan by the Noteholder to Greenidge (the “Secured Promissory Note”). The Secured Promissory Note is guaranteed by certain of Greenidge’s wholly-owned subsidiaries: Greenidge South Carolina LLC, GSC RE LLC and 300 Jones Road LLC. The loan outstanding under the Secured Promissory Note bears interest at a rate of 6 % per annum and matures on July 20, 2022, subject to up to five 30-day extensions, through December 2022, that may be elected by Greenidge provided no Event of Default (as defined therein) has occurred and is continuing and Greenidge pays an Exit Fee (as defined therein) to the Noteholder. Pursuant to the terms of the Secured Promissory Note, Greenidge and its subsidiaries will be subject to certain covenants and restrictive provisions which will, among other things, limit their ability to incur additional indebtedness for borrowed money or additional liens other than debt and liens permitted pursuant to the Secured Promissory Note; consolidate or merge unless Greenidge survives; or transfer all or substantially all of their assets; make certain restricted payments or investments; have a Change of Control (as defined therein); modify certain material agreements; and engage in certain types of transactions with affiliates; each of which are subject to customary and usual exceptions and baskets. The Secured Promissory Note is secured by a first priority mortgage lien on certain real property together with related improvements, fixtures and personal property located at Greenidge's South Carolina Facility. Greenidge’s obligations under the Secured Promissory Note may be prepaid in whole or in part without penalties or fees. Fair Value Disclosure 178.4 million and $ 169.9 million, respectively, at March 31, 2022. The notional value does not include unamortized discounts and debt issuance costs of $ 8.5 million at March 31, 2022. The estimated fair value of the Bonds Payable, representing the fair value of our 8.50 % senior secured notes due 2026, was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs. For the Equipment Financings and Secured Promissory Note, the Company believes the notional values approximate their fair values. Minimum future principal payments on debt as of March 31, 2022 were as follows: $ in thousands Remainder of 2022 $ 58,116 2023 36,325 2024 11,739 2025 - 2026 72,200 Total $ 178,380 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | . RELATED PARTY TRANSACTIONS Letters of Credit The Company's controlling stockholder, Atlas Holdings LLC ("Atlas"), obtained a letter of credit from a financial institution in the amount of $ 5.0 million at March 31, 2022, payable to the NYSDEC. This letter of credit guarantees the current value of the Company’s environmental liability. Atlas also obtained a letter of credit from a financial institution in the amount of $ 3.6 million at March 31, 2022, payable to Empire Pipeline Incorporated (“Empire”) in the event the Company should not make contracted payments for costs related to a pipeline interconnection project the Company has entered into with Empire (see Note 13). Guarantee An affiliate of Atlas has guaranteed the payment obligation of Greenidge in favor of Emera Energy Services, Inc. ("Emera") under an Energy Management Agreement and an ISDA Master Agreement under which Greenidge may enter into various transactions involving the purchase and sale of natural gas, electricity and other commodities with Emera. This guaranty is limited to $ 1.0 million. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity | 9. STOCKHOLDERS' EQUITY Equity Purchase Agreement with B. Riley Principal Capital, LLC On September 15, 2021, Greenidge entered into a common stock purchase agreement (the “2021 Purchase Agreement”) with B. Riley Principal Capital, LLC (the “Investor”) pursuant to which Greenidge has the right to “put” or sell to the Investor up to $ 500 million of shares of class A common stock, subject to certain limitations and conditions set forth in the 2021 Purchase Agreement, from time to time during the term of the 2021 Purchase Agreement. Under the applicable rules of The Nasdaq Stock Market LLC ("Nasdaq"), in no event may Greenidge issue to the Investor under the 2021 Purchase Agreement more than 19.99 % of the total number of combined shares of its class A common stock and class B common stock (together, the "common stock") that were outstanding immediately prior to the execution of the 2021 Purchase Agreement (the “Exchange Cap”), unless Greenidge obtains stockholder approval to issue shares in excess of the Exchange Cap in accordance with applicable Nasdaq rules. The per share purchase price for the shares of class A common stock that Greenidge elects to sell to the Investor pursuant to the 2021 Purchase Agreement will be determined by reference to the volume weighted average price of class A common stock during the applicable purchase date on which Greenidge has timely delivered written notice to the Investor directing it to purchase shares under the 2021 Purchase Agreement, less a fixed 5 % discount, which shall be increased to a fixed 6 % discount at such time that the Company receives aggregate cash proceeds of $ 200 million as payment for all shares of class A common stock purchased by the Investor in all prior sales of class A common stock made under the 2021 Purchase Agreement. The Investor will have no obligation to purchase shares pursuant to the 2021 Purchase Agreement to the extent that such purchase would cause the Investor to own more than 4.99 % of the Company’s issued and outstanding shares of class A common stock. In connection with the 2021 Purchase Agreement, Greenidge entered into a Registration Rights Agreement with the Investor pursuant to which Greenidge agreed to prepare and file a registration statement registering the resale by the Investor of those shares of the class A common stock to be issued under the 2021 Purchase Agreement. The registration statement became effective on October 6, 2021 relating to the resale of 3,500,000 shares of the class A common stock in connection with the 2021 Purchase Agreement. During the three months ended March 31, 2022, the Company issued 415,000 class A common shares pursuant to the 2021 Purchase Agreement for an aggregate sales price of $ 3.9 million, net of discounts. |
EQUITY BASED COMPENSATION
EQUITY BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | . EQUITY BASED COMPENSATION In February 2021, Greenidge adopted an equity incentive plan and reserved 3,831,112 shares of class A common stock for issuance under the plan (the “2021 Equity Plan”). Restricted Common Stock Unit Awards During the three months ended March 31, 2022, the Company awarded 5,335 restricted common stock units (“RSUs”) under the 2021 Equity Plan to employees, which are generally eligible to vest over a three-year period. The Company’s unvested RSU awards activity for the three months ended March 31, 2022 is summarized below: Weighted Average Grant Date RSUs Fair Value Unvested at December 31, 2021 516,987 $ 6.80 Granted 5,335 15.32 Vested ( 90,704 ) 6.25 Unvested at March 31, 2022 431,618 $ 7.01 The value of RSU grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. During the three months ended March 31, 2022 , the fair market value of the awards granted totaled $ 0.1 million, and as of March 31, 2022, there was approximately $ 2.4 million of total unrecognized compensation cost related to unvested restricted stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately 2.0 years. Common Stock Options The Company’s common stock options activity for the three months ended March 31, 2022 is summarized below: Weighted Average Weighted Average Remaining Aggregate Exercise Price Contractual Life Intrinsic Options Per Share (in years) Value Outstanding at December 31, 2021 583,080 $ 6.01 9.2 $ 5,854 Granted - - Exercised ( 334 ) 6.25 Forfeited ( 2,888 ) 6.25 Outstanding at March 31, 2022 579,858 $ 6.01 8.9 $ 1,430 Exercisable as of March 31, 2022 439,225 $ 5.86 8.9 $ 1,150 The value of common stock option grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. As of March 31, 2022, there was approximately $ 0.3 million of total unrecognized compensation cost related to unvested common stock options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.4 years. Stock-based Compensation The Company recognized stock-based compensation expense of $ 0.4 million and $ 0.7 million during the three months ended March 31, 2022 and 2021, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | . INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs. The Company's effective tax rate was 46.2 % and 36.4 % for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022 was different from the U.S. federal statutory rate of 21 % primarily due to state income taxes and tax benefits associated with stock-based compensation. The effective tax rate for the three months ended March 31, 2021 includes the recognition of a deferred tax liability caused by the reorganization from a limited liability company to a corporation during the first quarter of 2021. The Company continues to evaluate the realizability of its deferred tax assets on a quarterly basis and will adjust such amounts in light of changing facts and circumstances. In making such an assessment, management would consider all available positive and negative evidence, including the level of historical taxable income, future reversals of existing temporary differences, tax planning strategies, and projected future taxable income. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 12. EARNINGS PER SHARE The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by assuming the exercise, settlement, and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings and diluted per share of common stock. Three Months Ended March 31: $ in thousands, except per share amounts 2022 2021 Numerator Net (loss) income $ ( 429 ) $ 1,279 Less: Net income attributable to the member units before the reorganization - ( 647 ) Net (loss) income attributable to Greenidge $ ( 429 ) $ 632 Denominator Basic weighted average shares outstanding 41,058 28,139 Dilutive effect of equity awards - 8 Dilutive effect of convertible preferred stock - - Diluted weighted average shares outstanding 41,058 28,147 (Loss) earnings per share Basic $ ( 0.01 ) $ 0.02 Diluted $ ( 0.01 ) $ 0.02 For the three months ended March 31, 2021, Basic earnings per share is applicable only for the period from January 29, 2021 through March 31, 2021, which is the period following the reorganization of Greenidge Generation Holdings LLC (" GGH") into Greenidge and presents the period that the Company had outstanding common stock. Prior to the reorganization, there were no shares of common stock outstanding, and the limited liability structure of GGH consisted of member units. The Company analyzed the calculation of earnings per unit for periods prior to the reorganization and determined that it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements. For the three months ended March 31, 2022 , there was no impact of dilution from any of the outstanding 431,618 RSUs or 579,858 common stock options due to the net loss, since inclusion of any impact from these awards would be antidilutive. For the three months ended March 31, 2021, there was no impact of dilution from outstanding 616,920 RSUs or 330,744 common stock options, since inclusion of any impact from these awards would be antidilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company may be involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in such matters may arise and harm the Company's business. The Company is currently not aware of any such legal proceedings or claims that it believes will have a material adverse effect on its business, financial condition or operating results. Other Matters Support.com has received and may in the future receive additional requests for information, including subpoenas, from other governmental agencies relating to the subject matter of a Consent Order and Civil Investigative Demands. The Company intends to cooperate with these information requests and is not aware of any other legal proceedings against the Company by governmental authorities at this time. Commitments As of March 31, 2022, the Company had entered into agreements to purchase miners totaling $ 197.0 million that required deposits of $ 135.3 million. The Company entered into agreements for committed secured financing on miners totaling $ 27.7 million that has not yet been funded. The Company entered into a contract with Empire in September 2020 that provides for the transportation to its pipeline of 15,000 dekatherms of natural gas per day, approximately $ 158 thousand per month. The contract ends in September 2030 and may be terminated by either party with 12 months' notice after the initial 10-year period. |
CONCENTRATIONS
CONCENTRATIONS | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 14. CONCENTRATIONS The Company has one power customer, NYISO, that accounted for 16 % and 19 % of its revenue for the three months ended March 31, 2022 and 2021, respectively. For cryptocurrency datacenter operations, Greenidge considers its mining pool operators to be its customers. Greenidge has historically used a limited number of pool operators that have operated under contracts with a one-day term, which allows Greenidge the option to change pool operators on a daily basis. Revenue from one of the Company’s pool operator customers accounted for approximately 50 % of total revenue for the three months ended March 31, 2022. Revenue from a different pool operator customer accounted for approximately 12 % and 72 % of total revenue for the three months ended March 31, 2022 and 2021, respectively. The Support Services segment's largest customer accounted for approximately 16 % of the Company's consolidated revenue during the three months ended March 31, 2022 and also accounted for approximately 73 % and 67 % of the Company's consolidated accounts receivable balance at March 31, 2022 and December 31, 2021, respectively. Another customer of the Support Services segment accounted for 11 % of the receivable balance at December 31, 2021. The Company has one natural gas vendor that accounted for approximately 45 % and 59 % of cost of revenue for the three months ended March 31, 2022 and 2021, respectively. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 15. SUPPLEMENTAL CASH FLOW INFORMATION Greenidge had the following noncash investing and financing activities: Three Months Ended March 31, $ in thousands 2022 2021 Property and equipment purchases financed with common stock $ - $ 991 Property and equipment purchases in accounts payable $ 10,271 $ 876 Contribution of GGH Preferred Units and Senior Priority Units for common stock $ - $ 69,276 Contribution of related party notes payable and accrued interest for common stock $ - $ 3,615 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS Subsequent events have been evaluated through May 16, 2022, the date at which the condensed consolidated financial statements were available to be issued, and the Company has concluded that no such events or transactions took place that would require disclosure herein except as stated directly below. Equity Purchase Agreement with B. Riley Principal Capital, LLC In April 2022, Greenidge and the Investor terminated the 2021 Purchase Agreement and entered into a new Purchase Agreement. As disclosed in Note 9, Greenidge entered into the 2021 Purchase Agreement with the Investor whereby the Company had the right to sell to the Investor a certain amount of its class A common stock, subject to certain conditions and limitations, from time to time during the term of the 2021 Purchase Agreement. Greenidge and the Investor entered into a mutual termination agreement on April 6, 2022 (the "Mutual Termination"), which became effective immediately upon signing. Prior to the termination, the Company had sold an aggregate of 2,547,500 shares of class A common stock pursuant to the 2021 Purchase Agreement representing proceeds of $ 54.9 million, net of discounts, under the 2021 Purchase Agreement. The Company did not incur any early termination penalties as a result of the Mutual Termination. On April 7 2022, Greenidge entered into a new common stock purchase agreement, as amended by Amendment No. 1 to Common Stock Purchase Agreement, dated as of April 13, 2022 (as amended, the “2022 Purchase Agreement”) with the Investor. Pursuant to the 2022 Purchase Agreement, Greenidge has the right to sell to the Investor up to $ 500 million in shares of its class A common stock, subject to certain limitations and the satisfaction of specified conditions in the 2022 Purchase Agreement, from time to time over the 24-month period commencing on April 28, 2022. Under the applicable Nasdaq rules, unless stockholder approval is obtained, Greenidge may not sell more than 19.99 % of the total number of shares of its class A common stock and class B common stock issued and outstanding immediately prior to the execution of the 2022 Purchase Agreement, which number of shares shall be reduced on a share-for-share basis by the number of shares of class A common stock that may be aggregated with the transactions contemplated by the 2022 Purchase Agreement under the applicable Nasdaq rules. Sales of common stock pursuant to the 2022 Purchase Agreement, and the timing of any sales, are solely at the option of the Company, and the Company is under no obligation to sell any securities to the Investor under the 2022 Purchase Agreement. In connection with the 2022 Purchase Agreement, Greenidge entered into a Registration Rights Agreement with the Investor, pursuant to which Greenidge agreed to prepare and file a registration statement registering the resale by the Investor of those shares of Greenidge’s class A common stock to be issued under the 2022 Purchase Agreement. The registration statement became effective on April 28, 2022, relating to the resale of 5,720,951 shares of Greenidge’s class A common stock in connection with the 2022 Purchase Agreement. From April 28, 2022 to May 16, 2022, we issued 15,000 shares of our class A common stock to the Investor pursuant to the Purchase Agreement for aggregate proceeds of approximately $0.1 million, net of discounts . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year's presentation. |
Recent Accounting Pronouncements, Adopted | Recent Accounting Pronouncements, Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. As an emerging growth company, the Company has elected to adopt this pronouncement following the effective date for private companies beginning with periods beginning after December 15, 2021. The adoption of this standard did not materially impact the Company's condensed consolidated financial statements. |
MERGER WITH SUPPORT.COM (Tables
MERGER WITH SUPPORT.COM (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Summary of Supplemental Pro Forma Financial Information | The unaudited pro forma financial information reflects certain adjustments related to the acquisition, such as: • Conforming the accounting policies of Support.com to those applied by Greenidge; • Recording certain incremental expenses resulting from purchase accounting adjustments, such as amortization expense in connection with fair value adjustments to intangible assets; and • Recording the related tax effects of pro forma adjustments. Three Months Ended $ in thousands March 31, 2021 Revenues $ 20,694 Net loss $ ( 778 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Information about Reportable Segment | The table below presents information about reportable segments for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, $ in thousands 2022 2021 Revenues: Cryptocurrency Datacenter and Power Generation $ 29,155 $ 11,063 Support Services 8,500 - Total Revenues $ 37,655 $ 11,063 Segment Adjusted EBITDA Cryptocurrency Datacenter and Power Generation $ 7,344 $ 4,221 Support Services 1,869 - Total Segments Adjusted EBITDA $ 9,213 $ 4,221 |
Schedule of Reconciliation of Total of Segments Adjusted EBITDA to Consolidated (Loss) Income Before Income Taxes | In addition, the table below provides a reconciliation of the total of the segments Adjusted EBITDA to the consolidated (loss) income before income taxes: Three Months Ended March 31, $ in thousands 2022 2021 Total Segments Adjusted EBITDA $ 9,213 $ 4,221 Depreciation and amortization ( 3,978 ) ( 1,261 ) Stock-based compensation ( 362 ) ( 656 ) Merger and other costs ( 213 ) ( 105 ) Expansion costs ( 2,104 ) - Interest expense, net ( 3,353 ) ( 188 ) Consolidated (loss) income before income taxes $ ( 797 ) $ 2,011 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following at March 31, 2022 and December 31, 2021: $ in thousands Estimated Useful March 31, 2022 December 31, 2021 Plant infrastructure 15 - 39 years $ 34,976 $ 34,725 Miners 5 years 64,138 48,121 Miner facility infrastructure 15 years 15,957 15,143 Land N/A 13,460 8,460 Equipment 5 years 961 1,660 Software 3 years 636 636 Coal ash impoundment 4 years 2,410 2,410 Construction in process N/A 45,195 25,856 Miner deposits N/A 135,327 98,110 313,060 235,121 Less: Accumulated depreciation ( 21,009 ) ( 18,030 ) $ 292,051 $ 217,091 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Finite-lived Intangible Assets | The following is a summary of finite-lived intangible assets: $ in thousands Intangible Assets Accumulated Amortization Intangible Assets, Net Balance at December 31, 2021 $ 3,810 $ ( 273 ) $ 3,537 Amortization expense: Customer relationships - ( 207 ) ( 207 ) Tradename - ( 25 ) ( 25 ) Balance at March 31, 2022 $ 3,810 $ ( 505 ) $ 3,305 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable | The following table provides information on the equipment financing agreements: $ in thousands Balance as of: Note Loan Date Maturity Date Interest Initial March 31, 2022 December 31, 2021 Equipment Financings: A December 2020 June 2022 17.0 % $ 4,482 $ — $ 1,245 B December 2020 June 2022 17.0 % 428 24 95 C March 2021 November 2022 17.0 % 2,229 991 1,362 D April 2021 December 2022 17.0 % 4,012 2,006 2,674 E - H May 2021 October 2023 15.0 % 15,724 16,089 15,223 I July 2021 January 2023 17.0 % 4,457 2,724 3,468 J July 2021 March 2023 17.0 % 2,717 1,509 1,962 K October 2021 June 2023 17.0 % 2,223 1,606 1,976 L March 2022 April 2024 13.0 % 54,425 52,706 - Bonds Payable October 2021 October 2026 8.5 % 55,200 51,961 51,843 Bonds Payable December 2021 October 2026 8.5 % 17,000 15,053 14,980 Secured Promissory Note March 2022 July 2022 / 6.0 % 26,500 25,251 - 169,920 94,828 Less: Current portion ( 66,729 ) ( 19,577 ) $ 103,191 $ 75,251 |
Summary of Future Maturities of Notes Payable | Minimum future principal payments on debt as of March 31, 2022 were as follows: $ in thousands Remainder of 2022 $ 58,116 2023 36,325 2024 11,739 2025 - 2026 72,200 Total $ 178,380 |
EQUITY BASED COMPENSATION (Tabl
EQUITY BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Unvested Restricted Common Stock Unit Awards Activity | The Company’s unvested RSU awards activity for the three months ended March 31, 2022 is summarized below: Weighted Average Grant Date RSUs Fair Value Unvested at December 31, 2021 516,987 $ 6.80 Granted 5,335 15.32 Vested ( 90,704 ) 6.25 Unvested at March 31, 2022 431,618 $ 7.01 |
Schedule of Stock Options Activity | The Company’s common stock options activity for the three months ended March 31, 2022 is summarized below: Weighted Average Weighted Average Remaining Aggregate Exercise Price Contractual Life Intrinsic Options Per Share (in years) Value Outstanding at December 31, 2021 583,080 $ 6.01 9.2 $ 5,854 Granted - - Exercised ( 334 ) 6.25 Forfeited ( 2,888 ) 6.25 Outstanding at March 31, 2022 579,858 $ 6.01 8.9 $ 1,430 Exercisable as of March 31, 2022 439,225 $ 5.86 8.9 $ 1,150 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic earnings and diluted per share of common stock | The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings and diluted per share of common stock. Three Months Ended March 31: $ in thousands, except per share amounts 2022 2021 Numerator Net (loss) income $ ( 429 ) $ 1,279 Less: Net income attributable to the member units before the reorganization - ( 647 ) Net (loss) income attributable to Greenidge $ ( 429 ) $ 632 Denominator Basic weighted average shares outstanding 41,058 28,139 Dilutive effect of equity awards - 8 Dilutive effect of convertible preferred stock - - Diluted weighted average shares outstanding 41,058 28,147 (Loss) earnings per share Basic $ ( 0.01 ) $ 0.02 Diluted $ ( 0.01 ) $ 0.02 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of noncash investing and financing activities | Greenidge had the following noncash investing and financing activities: Three Months Ended March 31, $ in thousands 2022 2021 Property and equipment purchases financed with common stock $ - $ 991 Property and equipment purchases in accounts payable $ 10,271 $ 876 Contribution of GGH Preferred Units and Senior Priority Units for common stock $ - $ 69,276 Contribution of related party notes payable and accrued interest for common stock $ - $ 3,615 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Right-of-use assets | $ 1,375 | $ 1,472 | |
Environmental trust liability | 8,615 | $ 8,615 | |
Provision for income taxes | (368) | $ 732 | |
Asset Retirement Obligation, Accretion Expense | $ 0 | $ 33 |
MERGER WITH SUPPORT.COM - Addit
MERGER WITH SUPPORT.COM - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Amortization expense | $ 200 | |
Income from operations | 2,522 | $ 1,885 |
Greenidge Generation Holdings Inc [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 8,500 | |
Income from operations | $ 1,500 | |
Transaction cost | 1,600 | |
transaction costs after tax | $ 1,200 |
MERGER WITH SUPPORT.COM - Summa
MERGER WITH SUPPORT.COM - Summary of Supplemental Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Net (loss) income | $ (429) | $ 1,279 |
Greenidge Generation Holdings Inc [Member] | ||
Business Acquisition [Line Items] | ||
Revenues | 20,694 | |
Net (loss) income | $ (778) |
MERGER AND OTHER COSTS - Detail
MERGER AND OTHER COSTS - Details of Merger and Other Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Merger Related Costs [Abstract] | ||
Total Merger and other costs | $ 213 | $ 105 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reporting segment | 2 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Information about Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 37,655 | $ 11,063 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 37,655 | 11,063 |
Total Segments Adjusted EBITDA | 9,213 | 4,221 |
Cryptocurrency Mining [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 23,232 | 8,997 |
Cryptocurrency Mining [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 29,155 | 11,063 |
Total Segments Adjusted EBITDA | 7,344 | 4,221 |
Support Services [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 8,500 | |
Total Segments Adjusted EBITDA | $ 1,869 |
SEGMENT INFORMATION - Schedul_2
SEGMENT INFORMATION - Schedule of Reconciliation of Total of Segments Adjusted EBITDA to Consolidated (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Merger and other costs | $ (213) | $ (105) |
Interest expense, net | (3,353) | (166) |
(LOSS) INCOME BEFORE INCOME TAXES | (797) | 2,011 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Segments Adjusted EBITDA | 9,213 | 4,221 |
Depreciation and amortization | (3,978) | (1,261) |
Stock-based compensation | (362) | (656) |
Merger and other costs | 213 | 105 |
Expansion costs | (2,104) | |
Interest expense, net | 3,353 | 188 |
(LOSS) INCOME BEFORE INCOME TAXES | $ (797) | $ 2,011 |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Reconciliation to Consolidated Total Assets of Company (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 96,453 | $ 82,599 | $ 39,166 | $ 5,052 |
Short term investments | 496 | |||
Total assets | $ 431,354 | $ 341,267 |
PROPERTY AND EQUIPMENT - Summar
PROPERTY AND EQUIPMENT - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 313,060 | $ 235,121 |
Less: Accumulated depreciation | (21,009) | (18,030) |
Property and equipment, net | 292,051 | 217,091 |
Plant infrastructure [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 34,976 | 34,725 |
Plant infrastructure [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Plant infrastructure [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 39 years | |
Miners [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 64,138 | 48,121 |
Estimated useful lives | 5 years | |
Miner facility infrastructure [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15,957 | 15,143 |
Estimated useful lives | 15 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,460 | 8,460 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 961 | 1,660 |
Estimated useful lives | 5 years | |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 636 | 636 |
Estimated useful lives | 3 years | |
Coal ash impoundment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,410 | 2,410 |
Estimated useful lives | 4 years | |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 45,195 | 25,856 |
Miner deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 135,327 | $ 98,110 |
PROPERTY AND EQUIPMENT - Additi
PROPERTY AND EQUIPMENT - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 3.7 | $ 1.3 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets | $ 3,810 | $ 3,810 |
Accumulated Amortization | (505) | (273) |
Intangible Assets, Net | (3,305) | $ (3,537) |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (207) | |
Intangible Assets, Net | (207) | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | (25) | |
Intangible Assets, Net | $ (25) |
Debt - Summary of Notes Payable
Debt - Summary of Notes Payable (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Less: Current portion | $ (66,729) | $ (19,577) |
Total | 103,191 | 75,251 |
Initial Financing | 178,400 | |
Equipment Finance Agreement [Member] | ||
Notes Payable | 169,920 | 94,828 |
Less: Current portion | (66,729) | (19,577) |
Total | 103,191 | 75,251 |
Equipment Finance Agreement [Member] | Promissory Note [Member] | ||
Notes Payable | $ 25,251 | 0 |
Loan Date | Mar. 31, 2022 | |
Maturity Date | Jul. 31, 2022 | |
Interest Rate | 6.00% | |
Initial Financing | $ 26,500 | |
Miner Equipment Note A [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 0 | 1,245 |
Loan Date | Dec. 31, 2020 | |
Maturity Date | Jun. 30, 2022 | |
Interest Rate | 17.00% | |
Initial Financing | $ 4,482 | |
Miner Equipment Note B [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 24 | 95 |
Loan Date | Dec. 31, 2020 | |
Maturity Date | Jun. 30, 2022 | |
Interest Rate | 17.00% | |
Initial Financing | $ 428 | |
Miner Equipment Note C [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 991 | 1,362 |
Loan Date | Mar. 31, 2021 | |
Maturity Date | Nov. 30, 2022 | |
Interest Rate | 17.00% | |
Initial Financing | $ 2,229 | |
Miner Equipment Note D [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 2,006 | 2,674 |
Loan Date | Apr. 30, 2021 | |
Maturity Date | Dec. 31, 2022 | |
Interest Rate | 17.00% | |
Initial Financing | $ 4,012 | |
Miner Equipment Note E And H [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 16,089 | 15,223 |
Loan Date | May 31, 2021 | |
Maturity Date | Oct. 31, 2023 | |
Interest Rate | 15.00% | |
Initial Financing | $ 15,724 | |
Miner Equipment Note I [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 2,724 | 3,468 |
Loan Date | Jul. 31, 2021 | |
Maturity Date | Jan. 31, 2023 | |
Interest Rate | 17.00% | |
Initial Financing | $ 4,457 | |
Miner Equipment Note J [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 1,509 | 1,962 |
Loan Date | Jul. 31, 2021 | |
Maturity Date | Mar. 31, 2023 | |
Interest Rate | 17.00% | |
Initial Financing | $ 2,717 | |
Miner Equipment Note K [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 1,606 | 1,976 |
Loan Date | Oct. 31, 2021 | |
Maturity Date | Jun. 30, 2023 | |
Interest Rate | 17.00% | |
Initial Financing | $ 2,223 | |
Miner Equipment Note L [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 52,706 | |
Loan Date | Mar. 31, 2022 | |
Maturity Date | Apr. 30, 2024 | |
Interest Rate | 13.00% | |
Initial Financing | $ 54,425 | |
Bonds [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 51,961 | 51,843 |
Loan Date | Oct. 31, 2021 | |
Maturity Date | Oct. 31, 2026 | |
Interest Rate | 8.50% | |
Initial Financing | $ 55,200 | |
Bonds Two [Member] | Equipment Finance Agreement [Member] | ||
Notes Payable | $ 15,053 | $ 14,980 |
Loan Date | Dec. 31, 2021 | |
Maturity Date | Oct. 31, 2026 | |
Interest Rate | 8.50% | |
Initial Financing | $ 17,000 |
Debt - Summary of Future Maturi
Debt - Summary of Future Maturities of Notes Payable (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Maturities of Long-term Debt [Abstract] | |
Remainder of 2022 | $ 58,116 |
2023 | 36,325 |
2024 | 11,739 |
2025 | 0 |
2026 | 72,200 |
Total | $ 178,380 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 21, 2022 | Mar. 18, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Interest expense | $ 3,400 | $ 200 | ||
Debt instrument, face amount | 178,400 | |||
Debt Instrument, Fair Value | 169,900 | |||
Unamortized discounts and debt issuance costs | 8,500 | |||
Master Equipment Financing Agreement [Member] | ||||
Interest rate bearing | 13.00% | |||
Aggregate principal loan amount | $ 81,000 | |||
Bridge Promissory Note [Member] | ||||
Interest rate bearing | 6.00% | |||
Bridge Promissory Note [Member] | B. Riley Commercial Capital, LLC [Member] | ||||
Aggregate principal loan amount | $ 26,500 | |||
Equipment Finance Agreement [Member] | Miner Equipment Note A [Member] | ||||
Interest Rate | 17.00% | |||
Debt instrument, face amount | $ 4,482 | |||
Equipment Finance Agreement [Member] | Miner Equipment Note B [Member] | ||||
Interest Rate | 17.00% | |||
Debt instrument, face amount | $ 428 | |||
Equipment Finance Agreement [Member] | Bridge Promissory Note [Member] | ||||
Interest Rate | 6.00% | |||
Debt instrument, face amount | $ 26,500 | |||
8.50% Senior Secured Notes Due 2026 [Member] | ||||
Interest Rate | 8.50% |
FINANCE LEASE - Additional Info
FINANCE LEASE - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Line Items] | ||
Right of use asset at the lease commencement date | $ 1,375 | $ 1,472 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Interest expense | $ 3.4 | $ 0.2 |
Letter of Credit [Member] | ||
Related Party Transaction [Line Items] | ||
Net proceeds from new line of credit | 5 | |
Atlas [Member] | ||
Related Party Transaction [Line Items] | ||
Limited guaranty payment | 1 | |
Empire [Member] | ||
Related Party Transaction [Line Items] | ||
Net proceeds from new line of credit | $ 3.6 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Detail) - USD ($) $ in Millions | Oct. 06, 2021 | Sep. 15, 2021 | Mar. 31, 2022 |
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Maximum class A common stock and class B common stock shares in excess of the exchange cap | 19.99% | ||
Private Placement | Greenidge Generation Holdings Inc [Member] | Common Stock Purchase Agreement and Registration Rights Agreement [Member] | |||
Class of Stock [Line Items] | |||
Proceeds from common stock purchase agreement | $ 200 | ||
Private Placement | Greenidge Generation Holdings Inc [Member] | Common Stock Purchase Agreement and Registration Rights Agreement [Member] | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Discount Rate | 6.00% | ||
Private Placement | Greenidge Generation Holdings Inc [Member] | Common Stock Purchase Agreement and Registration Rights Agreement [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Discount Rate | 5.00% | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Additional Common Stock Shares Issued | 415,000 | ||
Additional Common Stock Value Issued | $ 3.9 | ||
Common Class A [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Investors obligation to purchase own issued and outstanding shares | 4.99% | ||
Common Class A [Member] | Common Stock Purchase Agreement and Registration Rights Agreement [Member] | |||
Class of Stock [Line Items] | |||
Proceeds from issuance of private placement | $ 500 | ||
Common Class A [Member] | Greenidge Common Stock | |||
Class of Stock [Line Items] | |||
Additional Common Stock Shares Issued | 3,500,000 |
MEMBERS' EQUITY - Additional In
MEMBERS' EQUITY - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Shares based compensation, Expenses | $ 0.4 | $ 0.7 | |
Restricted Stock Units (RSUs) [Member] | |||
Shares based payment arrangement, Equity instrument other than option, Grants in period | 5,335 | ||
Shares based payment arrangement, Equity instrument other than option, Vested in period | 90,704 | ||
Shares based payment arrangement, Equity instrument other than option, Non vested units | 431,618 | 516,987 |
EQUITY BASED COMPENSATION - Sch
EQUITY BASED COMPENSATION - Schedule of Unvested Restricted Common Stock Unit Awards Activity (Detail) - Resctricted Common Stock units [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at December 31, 2020 | shares | 516,987 |
Granted | shares | 5,335 |
Vested | shares | (90,704) |
Unvested at March 31, 2022 | shares | 431,618 |
Unvested at December 31, 2020 | $ / shares | $ 6.80 |
Granted | $ / shares | 15.32 |
Vested | $ / shares | 6.25 |
Unvested at March, 2022 | $ / shares | $ 7.01 |
EQUITY BASED COMPENSATION - S_2
EQUITY BASED COMPENSATION - Schedule of Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price Per Share, Granted | $ 0 | |
Weighted Average Exercise Price Per Share, Exercised | $ 6.25 | |
Options vested and exercisable as of March 31, 2022 | 8 years 10 months 24 days | |
Common Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at December 31, 2021 | 583,080 | |
Granted | 0 | |
Exercised | (334) | |
Forfeited | (2,888) | |
Outstanding at March 31, 2022 | 579,858 | |
Options vested and exercisable as of March 31, 2022 | 439,225 | |
Weighted Average Exercise Price Per Share, Outstanding at December 31, 2021 | $ 6.01 | |
Weighted Average Exercise Price Per Share, Forfeited | 6.25 | |
Weighted Average Exercise Price Per Share, Outstanding at March 31, 2022 | 6.01 | |
Options vested and exercisable as of March 31, 2022 | $ 5.86 | |
Weighted Average Remaining Contractual Life (in years), Granted | 9 years 2 months 12 days | |
Weighted Average Remaining Contractual Life (in years) | 8 years 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding at December 31, 2021 | $ 5,854 | |
Aggregate Intrinsic Value, Outstanding at March 31, 2022 | 1,430 | |
Aggregate Intrinsic Value, Exercisable as of March 31, 2022 | $ 1,150 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at March 31, 2022 | 431,618 | 616,920 |
EQUITY BASED COMPENSATION - Add
EQUITY BASED COMPENSATION - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 28, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||
Stock-based compensation expense | $ 0.4 | $ 0.7 | |
2021 Equity Plan [Member] | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||
Common stock reserved for issuance | 3,831,112 | ||
Resticted Common Stock Unit | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||
Shares based payment arrangement, Equity instrument other than option, Grants in period | 5,335 | ||
Fair market value of the awards granted | $ 0.1 | ||
Unrecognized compensation cost | $ 2.4 | ||
Weighted average vesting period | 2 years | ||
Resticted Common Stock Unit | 2021 Equity Plan [Member] | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||
Shares based payment arrangement, Equity instrument other than option, Grants in period | 5,335 | ||
Vesting period | 3 years | ||
Common Stock Options [Member] | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||
Unrecognized compensation cost | $ 0.3 | ||
Weighted average vesting period | 1 year 4 months 24 days |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Line Items] | ||
Effective income tax rate as a percentage | 46.20% | 36.40% |
State | ||
Income Tax Disclosure [Line Items] | ||
Effective income tax rate as a percentage | 21.00% |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional Information (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common stock oustanding | 41,363,271 | 40,865,336 | |
Antidilutive securities excluded from computation of earnings per share amount | 0 | 0 | |
Resticted Common Stock Unit | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Share based options outstanding | 431,618 | 616,920 | |
Common Stock | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common stock oustanding | 0 | ||
Share based options outstanding | 579,858 | 330,744 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Basic Earnings and Diluted Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator | ||
Net (loss) income | $ (429) | $ 1,279 |
Less: Net income attributable to the member units units before the reorganization | 0 | (647) |
Net (loss) income attributable to Greenidge | $ (429) | $ 632 |
Denominator | ||
Basic weighted average shares outstanding | 41,058 | 28,139 |
Dilutive effect of equity awards | 0 | 8 |
Dilutive effect of convertible preferred stock | 0 | 0 |
Diluted weighted average shares outstanding | 41,058 | 28,147 |
(Loss) earnings per share | ||
Basic | $ (0.01) | $ 0.02 |
Diluted | $ (0.01) | $ 0.02 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Sep. 30, 2020 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase Obligation | $ 197,000 | |
Long term purchase commitment, Amount | $ 15,000 | $ 135,300 |
Contractual obligation, Per month amount | $ 158 | |
Contract terms | The contract ends in September 2030 and may be terminated by either party with 12 months' notice after the initial 10-year period. | |
Committed secured financing on equipment amount | $ 27,700 |
CONCENTRATIONS - Additional Inf
CONCENTRATIONS - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Sales Revenue Net [Member] | Customer Concentration Risk [Member] | One Major Customer [Member] | |||
Concentration risk percentage | 16.00% | 19.00% | |
Sales Revenue Net [Member] | Customer Concentration Risk [Member] | Operator Customer One [Member] | |||
Concentration risk percentage | 50.00% | ||
Sales Revenue Net [Member] | Customer Concentration Risk [Member] | Operator Customer Two [Member] | |||
Concentration risk percentage | 12.00% | 72.00% | |
Sales Revenue Net [Member] | Supplier Concentration Risk [Member] | One Major Customer [Member] | |||
Concentration risk percentage | 45.00% | 59.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Operator Customer One [Member] | |||
Concentration risk percentage | 73.00% | 67.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Operator Customer Two [Member] | |||
Concentration risk percentage | 11.00% |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Summary of noncash investing and financing activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Property and equipment purchases financed with common stock | $ 991 | |
Property And Equipment Purchases In Accounts Payable | 10,271 | 876 |
Contribution of GGH Preferred Units and Senior Priority Units for common stock | 0 | 69,276 |
Contribution of related party notes payable and accrued interest for common stock | $ 0 | $ 3,615 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Detail) - USD ($) | Apr. 28, 2022 | Apr. 07, 2022 | Sep. 15, 2021 | Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 41,363,271 | 40,865,336 | ||||
Common stock, Par value | $ 0.0001 | $ 0.0001 | ||||
Common Stock Purchase Agreement and Registration Rights Agreement [Member] | Greenidge Generation Holdings Inc [Member] | Private Placement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from common stock purchase agreement | $ 200,000,000 | |||||
Subsequent Event [Member] | Greenidge Generation Holdings Inc [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 2,547,500 | |||||
Proceeds from sale of common stock | $ 54,900,000 | |||||
Subsequent Event [Member] | Common Stock Purchase Agreement and Registration Rights Agreement [Member] | Common Class A [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock | $ 5,720,951 | |||||
Subsequent Event [Member] | Common Stock Purchase Agreement and Registration Rights Agreement [Member] | Greenidge Generation Holdings Inc [Member] | Common Class A [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from sale of common stock | $ 500,000,000 | |||||
Maximum Common Stock Sell Percentage | 19.99% |