Cango Inc. Reports Financial Results for Q4 and Full Year 2025

Cango Inc. Unveils Fourth Quarter and Annual Financial Results for 2025

Cango Inc. (NYSE: CANG), a prominent player in Bitcoin mining, has announced its unaudited financial results for the fourth quarter and the entire fiscal year ending December 31, 2025. The company has leveraged its global operations to expand its integrated AI processing and energy platform, a crucial element in its strategic growth plan.

Financial Overview

During 2025, Cango recorded total revenues of approximately $688.1 million, with the fourth quarter contributing around $179.5 million. The Bitcoin mining segment generated revenues of $675.5 million for the full year, with $172.4 million from Q4 alone. Adjusted EBITDA for the year stood at $24.5 million, although the company experienced a significant EBITDA loss of $156.3 million in the fourth quarter.

Throughout the year, Cango mined a total of 6,594.6 Bitcoins, averaging around 18.07 Bitcoins per day, with Q4 yielding 1,718.3 Bitcoins at an average of 18.68 per day. The average cost of mining, excluding the depreciation of equipment, was reported at $79,707 per Bitcoin throughout the year, escalating to $84,552 in the last quarter. The total costs per Bitcoin came to $97,272 for the year and $106,251 in Q4.

Since its foray into the Bitcoin mining industry, Cango has mined 7,528.4 Bitcoins as of December 2025. This marks a significant achievement in the company’s operational trajectory.

Optimizing Structure and Strategy

This year is noted as Cango's debut year in Bitcoin mining, with substantial changes being implemented throughout the organization. The company has concluded its ADR program and transitioned to direct listing on the NYSE to enhance transparency and align with its strategic focus, potentially broadening its investor base.

Paul Yu, the CEO of Cango, articulated, "2025 was a year of rapid execution as we engaged in comprehensive restructuring initiatives. We established a distributed global mining presence and proactively strengthened our balance sheet at the start of 2026 to enhance operational efficiency in our mining fleet while also pursuing our transformation into an infrastructure provider for AI."

Cango is actively capitalizing on its expertise in scalable computing and energy networks to deliver flexible and cost-effective AI inference solutions via its EcoHash initiative. With several modernization efforts already in progress and products poised for deployment, the company is prepared to navigate the evolving landscape with strategic focus and discipline.

Navigation Through Challenges

Cango’s CFO, Michael Zhang, indicated that the company witnessed robust revenue growth in 2025 due to an expansion in Bitcoin mining operations. However, the net loss from ongoing operational activities reached $452.8 million, driven primarily by non-recurring transformation costs and fair-value adjustments triggered by market conditions.

The financial strategy has prioritized bolstering the balance sheet by reducing leverage through solid treasury policy and adequate liquidity management, ensuring supplementary capital influx for managing volatility and investing in high-potential areas like AI infrastructure.

The comprehensive and transparent financial reporting marks a new chapter for Cango Inc., setting the stage for future initiatives in a rapidly changing industry.

Conclusion

Cango Inc.'s financial results reveal a company in transition, navigating the complexities of the cryptocurrency landscape while gearing up for its next phase of growth. As it continues to refine its operations and expand its expertise in AI and energy solutions, Cango is strategically positioning itself at the forefront of innovation in these dynamic sectors.