Cango Inc. Releases Unaudited Financial Results for Q4 and Full Year 2025

Cango Inc. Reports Financial Outcomes for 2025

Cango Inc. (NYSE: CANG), a prominent name in Bitcoin mining, announced its unaudited financial results for the fourth quarter and the full year ending December 31, 2025. The company leveraged its global operations to emerge as a key player in both energy and AI computing platforms, culminating in a notable year for the firm.

Key Financial Highlights

Cango reported an impressive total revenue of 4688.1 million for the entire year, with 4179.5 million generated in the fourth quarter. A significant portion of this revenue, amounting to 4675.5 million for the year and 4172.4 million for Q4, stemmed from its Bitcoin mining operations. Despite achieving overall revenue growth, the adjusted EBITDA for the year was 45 million, while Q4 experienced an adjusted EBITDA loss of 4156.3 million.

Throughout the year, Cango mined a total of 6,594.6 Bitcoins, averaging 18.07 Bitcoins per day. In Q4 alone, the company successfully mined 1,718.3 Bitcoins, with a daily average of 18.68. The average mining costs, excluding machine depreciation, stood at 479,707 per Bitcoin for the year and 484,552 in Q4. Overall costs amounted to 497,272 per Bitcoin for the year and 4106,251 in Q4. Cango’s total Bitcoin mined reached 7,528.4 since its inception.

Cango aims to improve transparency and align with its strategic focus by transitioning from an ADR program to a direct listing on the NYSE. This shift is intended to potentially broaden its investor base while enhancing corporate visibility.

Management Insights

Paul Yu, CEO of Cango, highlighted that 2025 marked the company’s initial operational year in Bitcoin mining, emphasizing rapid development and extensive asset restructuring. The reach into a globally distributed mining presence is crucial in positioning Cango strategically for the future. He remarked, "At the start of 2026, we have proactively strengthened our balance sheet and optimized our mining fleet, aiming to enhance efficiency and cost resilience. Concurrently, we’re advancing our focus on becoming a provider of AI infrastructure."

Under its EcoHash initiative, Cango is now utilizing its expertise in scalable computing and energy networks to offer flexible and cost-effective solutions for AI inference. Initial site upgrades are already in progress, anticipating a smooth transition to a more focused operational model.

CFO Michael Zhang pointed out the year’s revenue growth, propelled by expanded Bitcoin mining activities. However, a net loss of 452.8 million from ongoing operations was primarily due to one-off restructuring costs and market-mandated adjustments related to fair value assessments. Cango's financial strategy aims to strengthen its balance sheet, reducing debt through an adapted Bitcoin treasury policy and effective liquidity management, all while securing new equity contributions for required operational flexibility.

Cango’s future looks promising with its strategic initiatives paving pathways to capitalize on high-potential areas like AI infrastructure. Stakeholders are advised to keep an eye on the developments as Cango prepares for the next steps in this transformative industry.

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