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Greenidge Generation Holdings

GREE
21
Financial - Capital Markets · Financial Services
Winston Score
21
Winston is worried
Weak fundamentals across most pillars.

Greenidge Generation Holdings is a company that mines Bitcoin and also generates electricity. It runs a power plant in New York that burns natural gas to produce energy, and it uses that energy to power computers that earn Bitcoin. The company also has a smaller cryptocurrency hosting business where it runs mining equipment for other people.

Greenidge makes money by selling the Bitcoin its computers earn and by charging fees to host other miners' equipment. It operates primarily in the northeastern United States and is a very small company with a market cap near zero. The business faces serious financial pressure — its operating margin is deeply negative and its returns on capital are poor — and it carries significant debt from past expansion. The biggest risk going forward is that Bitcoin's price and the cost of electricity are both unpredictable, and the company needs both to move in its favor just to break even.

Winston Score History

Score breakdown

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Quality

Gross Margin
-3.9%
Thin — -3.9% gross margin
Operating Margin
-59.5%
Losing money on operations — -59.5%
ROCE
N/A
Data not available

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Growth

Sales YoY
-1.3%
Shrinking sales (-1.3% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
-284%
Weak — only -284% of profit becomes cash
FCF Margin
-29.8%
Burning cash (-29.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
N/A
—
Data not available
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
4.0x
no trend
Attractive valuation — P/E 4.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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