Greenidge Generation Holdings Inc. 8.50% Senior Notes due 2026 (GREEL)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at a note, not an operating business with a clean moat. The name tells me Greenidge Generation Holdings issued 8.50% senior notes due 2026; the filed figures show volatile operating results. In fiscal 2025, the year ended 2025-12-31, revenue was $58.8 million and net income was $5.3 million, a genuine improvement from fiscal 2024's $19.8 million loss on $59.5 million of revenue and fiscal 2023's $29.5 million loss on $70.4 million of revenue. The quarter ended 2025-09-30 was especially strong, with $15.2 million of revenue and $12.0 million of net income. But the latest filings are ugly: in fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $20.8 million and net loss was $4.6 million, while in fiscal Q2 2026, the quarter ended 2026-06-30, revenue fell to $3.4 million and net loss was $9.9 million. That is not a stable earning stream, and I see no evidence of a durable competitive moat. As a Graham-style creditor, I care about the issuer's ability to pay the 8.50% coupon and repay principal at the 2026 maturity. The excerpt gives no cash, debt, interest coverage, or note terms, so I cannot calculate a margin of safety on the credit. The $25.40 price on 2026-10-12 sits near the 52-week high of $25.47, while FairStock-calculated P/E, P/B, ROE and other return metrics are N/A. FairStock's computed Lynch category is TURNAROUND because annual results returned to profit after a loss within three years, but the recent quarterly losses mean the turnaround is unproven. I would demand a clear discount for credit risk and a close read of the indentures before treating this as safe.

In plain English: This is a bond-like security from Greenidge Generation Holdings that pays 8.50% and comes due in 2026. The filed numbers show a business that made $5.3 million in fiscal 2025 after two loss years, but it lost $4.6 million in fiscal Q1 2026 and $9.9 million in fiscal Q2 2026. At $25.40, the price is near the top of its 52-week range, so based on the available numbers it looks expensive rather than cheap, and the safety of repayment is not clear from the data.

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Data as of 2026-10-12 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer