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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Greenidge Generation Holdings / Equity Bottom-Up

<ul><li>Greenidge announced a solid 3Q25, with revenue of $15.2 million, up more than 20% Y/Y, and significantly reduced unsecured 2026 debt obligations by 47%.</li><li>The company highlighted its recent agreement with New York State for the renewal of the Dresden facility air permit (see our note from November 10, 2025.)</li><li>CEO Jordan Kovler said, “We are proud of the results our team delivered this quarter, which led to a $3-million increase in our cash and Bitcoin holdings relative to the prior quarter, notwithstanding the company’s bond repurchases for cash exceeding proceeds received from the sale of our Mississippi mining facility. </li></ul>

Greenidge announced a solid 3Q25, with revenue of $15.2 million, up more than 20% Y/Y, and significantly reduced unsecured 2026 debt obligations by 47%.The company highlighted its recent agreement with New York State for the renewal of the Dresden facility air permit (see our note from November 10, 2025.)CEO Jordan Kovler said, “We are proud of the results our team delivered this quarter, which led to a $3-million increase in our cash and Bitcoin holdings relative to the prior quarter, notwithstanding the company’s bond repurchases for cash exceeding proceeds received from the sale of our Mississippi mining facility. 

GREE: 3Q25 Revenue Up 23% Y/Y, Cash Improved, and NY State Agreement on Dresden Facility

<div><ul><li>Greenidge announced an agreement with NY State for a new air permit the includes required emission reductions. </li><li>These emission reductions exceed the state’s climate act goal by achieving a 44% required reduction in permitted emissions by 2030 and a 25% reduction from actual emissions.</li><li>This agreement significantly improves Greenidge’s operational efficiency and its contribution to the local energy grid.</li></ul></div>

Greenidge announced an agreement with NY State for a new air permit the includes required emission reductions. These emission reductions exceed the state’s climate act goal by achieving a 44% required reduction in permitted emissions by 2030 and a 25% reduction from actual emissions.This agreement significantly improves Greenidge’s operational efficiency and its contribution to the local energy grid.

GREE: Agreement with New York State on Renewal of Dresden Facility Air Permit

<ul><li>Greenidge announced the closing of the sale of its Mississippi Bitcoin mining facility for $3.9 million. These funds will be used to grow the business.</li><li>This follows a solid 2Q25, with revenue of $12.9 million roughly flat Y/Y, as the company reduced debt from $60 million last quarter to $45 million this quarter.</li><li>The company had $3.4 million in cash and $7.3 million in Bitcoin at the end of the quarter.</li></ul>

Greenidge announced the closing of the sale of its Mississippi Bitcoin mining facility for $3.9 million. These funds will be used to grow the business.This follows a solid 2Q25, with revenue of $12.9 million roughly flat Y/Y, as the company reduced debt from $60 million last quarter to $45 million this quarter.The company had $3.4 million in cash and $7.3 million in Bitcoin at the end of the quarter.

Greenidge Generation Holdings, Inc: Mississippi Bitcoin Mining Facility Sale Closes

<ul><li>Greenidge announced a solid 2Q25 with revenue of $12.9 million roughly flat YoY and reduced debt from $60 million last quarter to $45 million this quarter.</li><li>The company had $3.4 million of cash and $7.3 million of bitcoin at the end of the quarter.</li><li>CEO Jordan Kovler said, “With the successful completion of our tender and exchange offer, we have significantly reduced our October 2026 debt obligations by $27.6 million since October 2024, while continuing to secure opportunities to optimize and scale our mining operations. </li></ul>

Greenidge announced a solid 2Q25 with revenue of $12.9 million roughly flat YoY and reduced debt from $60 million last quarter to $45 million this quarter.The company had $3.4 million of cash and $7.3 million of bitcoin at the end of the quarter.CEO Jordan Kovler said, “With the successful completion of our tender and exchange offer, we have significantly reduced our October 2026 debt obligations by $27.6 million since October 2024, while continuing to secure opportunities to optimize and scale our mining operations. 

Greenidge Generation Holdings, Inc: 2Q25 Earnings Show Debt Reduction and Solid Revenue

<ul><li>Greenidge Generation Holdings, Inc., a vertically integrated cryptocurrency datacenter and power generation company, recently announced the commencement of two separate concurrent offers to exchange or purchase, at the election of each holder, its outstanding 8.50% senior notes due 2026.</li><li>Holders can opt for the exchange or tender options, with a timing bonus.</li><li>They can exchange their old notes for new notes at a rate of $11.00 principal amount per old note, a 50% premium to the 60-day VWAP as of June 16, 2025.</li></ul>

Greenidge Generation Holdings, Inc., a vertically integrated cryptocurrency datacenter and power generation company, recently announced the commencement of two separate concurrent offers to exchange or purchase, at the election of each holder, its outstanding 8.50% senior notes due 2026.Holders can opt for the exchange or tender options, with a timing bonus.They can exchange their old notes for new notes at a rate of $11.00 principal amount per old note, a 50% premium to the 60-day VWAP as of June 16, 2025.

Greenidge Generation Holdings, Inc: Cash and Exchange Offer for Senior Notes Due 2026

United States

Greenidge Generation Holdings Inc. operates as a holding company. The Company, through its subsidiaries, mines cryptocurrencies, with a focuses on the blockchain ecosystem and the generation of digital assets. Greenidge Generation Holdings serves customers worldwide.

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Greenidge Generation Holdings (GREE US)

GREE: 3Q25 Revenue Up 23% Y/Y, Cash Improved, and NY State Agreement on Dresden Facility

Greenidge announced a solid 3Q25, with revenue of $15.2 million, up more than 20% Y/Y, and significantly reduced unsecured...

Water Tower Research

GREE: Agreement with New York State on Renewal of Dresden Facility Air Permit

Greenidge announced an agreement with NY State for a new air permit the includes required emission reductions. These emission reductions exceed the...

Water Tower Research

Greenidge Generation Holdings, Inc: Mississippi Bitcoin Mining Facility Sale Closes

Greenidge announced the closing of the sale of its Mississippi Bitcoin mining facility for $3.9 million. These funds will be used to grow the...

Water Tower Research

Greenidge Generation Holdings, Inc: 2Q25 Earnings Show Debt Reduction and Solid Revenue

Greenidge announced a solid 2Q25 with revenue of $12.9 million roughly flat YoY and reduced debt from $60 million last quarter to $45 million this...

Water Tower Research

Greenidge Generation Holdings, Inc: Cash and Exchange Offer for Senior Notes Due 2026

Greenidge Generation Holdings, Inc., a vertically integrated cryptocurrency datacenter and power generation company, recently announced the...

Water Tower Research

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