DRESDEN, N.Y. - Greenidge Generation Holdings Inc. (NASDAQ: GREE), a company engaged in cryptocurrency mining and power generation, has rescheduled the release of its financial results for the fourth quarter and full year of 2023. Initially set for today, the announcement and the associated conference call have been postponed to April 9, 2024.
The company, which had previously shared preliminary results on February 1, 2024, stated that the expected financial outcomes for the fourth quarter are anticipated to meet or surpass those initial figures.
Still, additional time is required to finalize annual audit procedures and to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The delay is attributed to the need for revisions in Greenidge's accounting policies.
Greenidge Generation is recognized for its vertical integration strategy, encompassing the development, engineering, procurement, construction management, operations, and maintenance of its facilities, with a focus on the burgeoning field of cryptocurrency mining.
The company's press release also included certain forward-looking statements. These statements, which are not historical facts, involve predictions about future events and are subject to risks, uncertainties, and assumptions that could lead to significant differences in actual results. Greenidge has cautioned that such statements should not be relied upon as guarantees of future performance.
Moreover, Greenidge has presented non-GAAP financial measures in the press release, such as Adjusted EBITDA. These measures exclude certain costs that the company believes are not indicative of its core operating results. While these non-GAAP measures are intended to enhance investors' understanding of the company's performance, they are not to be viewed as a substitute for, or superior to, the financial results prepared in accordance with U.S. GAAP.
This news article is based on a press release statement from Greenidge Generation Holdings Inc. and does not include any additional commentary or speculation.
InvestingPro Insights
As Greenidge Generation Holdings Inc. (NASDAQ: GREE) prepares to release its revised financial results, investors are closely monitoring the company's performance metrics. According to real-time data from InvestingPro, Greenidge's market capitalization stands at a modest $25.69 million.
The company's financial health is further reflected in its revenue for the last twelve months as of Q3 2023, which totals $66.76 million, though it represents a significant decline of 38.36% from the previous period.
InvestingPro Tips for Greenidge highlight some challenges the company faces. With a significant debt burden and a trend of quickly burning through cash, the company's financial stability is a concern. Additionally, the stock has experienced a notable drop over the last week, and it generally trades with high price volatility, indicating a potentially higher risk profile for investors. It's also important to note that short-term obligations exceed Greenidge's liquid assets, presenting possible liquidity risks.
For those considering an investment in Greenidge, it's crucial to assess these factors alongside the upcoming financial results. For a more comprehensive analysis and additional InvestingPro Tips, interested parties can visit Investing.com/pro/GREE. There, users can find a total of 14 tips, which could offer further insights into the company's operational and financial status. To access these tips and more detailed metrics, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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