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Cango Inc. Reports Impressive Growth in Third Quarter 2025

On December 1, 2025, Cango Inc. (NYSE: CANG) released its unaudited financial outcomes for the third quarter ended on September 30, 2025. This report showcased remarkable achievements in revenue and operational metrics, particularly in the burgeoning field of bitcoin mining.

Key Financial Highlights

In the third quarter, Cango generated total revenues of approximately $224.6 million, which reflects a striking 60.6% increase when compared to the preceding quarter. Of particular note, revenue derived from the company's bitcoin mining operations accounted for around $220.9 million of this total. This highlights Cango's strong foothold in this rapidly evolving market, underscoring its commitment to capitalizing on the potentials of cryptocurrency mining.

The company reported an operating income of $43.5 million and a net income of $37.3 million for the quarter. When factoring in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), Cango achieved approximately $80.1 million. This financial backbone underscores the company's robust operational viability and sustained profitability amidst fluctuating market conditions.

Operational Advancements in Mining

Cango's operational metrics also exhibited upward trajectories, particularly in terms of its bitcoin mining capabilities. The average operating hashrate surged from 40.91 EH/s in July to 46.09 EH/s by October, with efficiencies surpassing the 90% mark. This improvement can be attributed to strategic relocations of mining facilities, operational enhancements, and critical upgrades to mining hardware.

During this quarter, Cango successfully mined a total of 1,930.8 BTC, averaging 21.0 BTC daily. This represents a 37.5% increase in total output and a 36.0% rise in daily production relative to the second quarter. Interestingly, the average cost to mine one bitcoin stood at approximately $81,072, and the all-in costs amounted to $99,383 per BTC. Cango's total bitcoin mined since entering this domain reached 5,810 BTC, signifying its ongoing commitment and capacity in the bitcoin mining sector.

Strategic Transition and Future Outlook

In a significant strategic move, Cango concluded the termination of its American Depositary Receipts (ADR) program, opting instead for a direct listing on the NYSE. This decision aims to optimize the company’s capital structure, enhance corporate transparency, and better align with its broader strategic objectives.

Paul Yu, CEO of Cango, expressed that this quarter represents a pivotal moment for the company, marking a year since their strategic pivot into bitcoin mining. The outstanding performance in Q3 reinforces Cango’s role as a disciplined and scalable bitcoin miner, and the company remains focused on maintaining strength in its core mining operations. Cango aims to build a globally distributed AI compute network powered by green energy, wherein bitcoin mining serves as a practical entry point to achieving their energy and computational goals. As they proceed, Cango is committed to closely monitoring market dynamics, managing their deployed output, and exploring partnership opportunities to mitigate risks and stabilize operations moving forward.

With these robust financial results, Cango Inc. is poised for further growth and innovation in the ever-evolving landscape of cryptocurrency mining and beyond.