SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Equity Interest Payment

On April 9, 2026, the Company issued an aggregate of 114,865 shares of the Company’s Class A common stock to settle the interest payment obligation for the first quarter of 2026 in the amount of $0.2 million in connection with the Equity Interest Payment Agreement, a related party transaction approved by the Company’s Board of Directors.

Exchange Offer

On April 9, 2026, the Company announced the expiration and final results of the Exchange Offer, pursuant to which holders could exchange $25.00 principal amount of Senior Notes for $25.00 principal amount of New Notes, together with two shares of the Company’s Class A common stock, for each $25.00 principal amount of Senior Notes exchanged. Pursuant to the Exchange Offer, the Company exchanged $1.4 million in aggregate principal amount of the Senior Notes for approximately $1.5 million in aggregate principal amount of the New Notes and issued 114,890 shares of the Company’s Class A common stock. Following the completion of the Exchange Offer, the Company had $35.2 million in aggregate principal amount of Senior Notes outstanding and $3.7 million in aggregate principal amount of New Notes outstanding.

NYDIG Arbitration

On May 1, 2026, NY 1 Mining filed a demand for arbitration with the American Arbitration Association against Greenidge South Carolina, a wholly owned subsidiary of the Company. The arbitration demand centers on a dispute regarding the interpretation of the NYDIG Hosting Agreement and a related order, including whether Greenidge South Carolina is required to pay NY 1 Mining a percentage of net profits from the sale of excess energy generated at the Company’s New York Facility during periods in which NY 1 Mining’s bitcoin mining machines were curtailed for unprofitability. NY 1 Mining alleges that Greenidge South Carolina breached the NYDIG Hosting Agreement and the related order by improperly excluding such curtailment periods when calculating amounts allegedly due to NY 1 Mining. NY 1 Mining asserts claims for breach of contract and declaratory judgment and seeks compensatory damages of approximately $1.2 million, with additional damages allegedly accruing monthly, as well as declaratory relief, attorneys’ fees, arbitration fees and costs, interest and such other relief as the arbitrator may deem appropriate. The Company disputes the allegations and intends to vigorously defend the matter. Based on the preliminary nature of this proceeding, the Company cannot reasonably predict the outcome of this matter at this time.

Mississippi Warehouse Property Sale and Related Litigation

On April 27, 2026, Greenidge Mississippi entered into a Commercial Purchase and Sale Agreement, as amended, with an unrelated third party, pursuant to which Greenidge Mississippi agreed to sell a 5.6-acre tract of land with over 73,000 square feet of industrial warehouse space located in Columbus, Mississippi for a purchase price of $1.1 million, subject to the terms and conditions set forth therein. The agreement provides for a $150,000 earnest money deposit and contemplates closing within 45 days after the effective date, subject to the satisfaction or waiver of the conditions set forth in the agreement.

On May 1, 2026, a prior prospective purchaser of the property filed a petition in the Chancery Court of Lowndes County, Mississippi against Greenidge Mississippi and the applicable broker. The petition alleges, among other things, that the prior prospective purchaser entered into a prior contract with Greenidge Mississippi for the purchase of the property and that Greenidge Mississippi is attempting to market, sell or otherwise transfer the property to another purchaser. The petition seeks temporary, preliminary and permanent injunctive relief to restrain Greenidge Mississippi and related parties from selling, conveying, transferring, encumbering or otherwise disposing of the property to any person or entity other than the prior prospective purchaser, as well as related equitable relief.

On or about May 8, 2026, the prior prospective purchaser filed an amended notice of lis pendens in Lowndes County, Mississippi relating to the property. The amended notice of lis pendens states that the pending action may affect title to the property and identifies the property as the real property at issue in the litigation.

The Company disputes the allegations and intends to vigorously defend the matter. Based on the preliminary nature of this proceeding, the Company cannot reasonably predict the outcome of this matter at this time.