Cango Inc. Reports Impressive Q3 2025 Results with Strong Bitcoin Mining Growth

Cango Inc. Reports Strong Financial Results for Q3 2025

On December 1, 2025, Cango Inc. (NYSE: CANG) announced its unaudited financial results for the third quarter of 2025, marking a significant leap in its revenue and operational performance as the company continues its strategic transformation into a major Bitcoin miner.

Key Highlights from Q3 2025 Results

Cango's total revenues reached a remarkable $224.6 million in Q3 2025, reflecting a significant increase of 60.6% from the previous quarter. This surge is primarily attributed to the company’s flourishing Bitcoin mining operations, which contributed $220.9 million to the revenue during the quarter.

The operational gains are highlighted by an operational profit of $43.5 million and a net income of $37.3 million. Additionally, the adjusted EBITDA for the quarter was reported at $80.1 million, underscoring the company's solid financial foundation.

Cango has seen a consistent increase in its average operating hash rate, rising from 40.91 EH/s in July to 44.85 EH/s in September, further improving to 46.09 EH/s by October. The efficiency of the mining operations exceeds 90%, driven by enhanced operational practices and upgraded mining hardware.

Throughout the quarter, Cango successfully mined a total of 1,930.8 BTC, averaging 21.0 BTC per day. This production level marks a 37.5% increase in total output and a 36.0% increase in daily production compared to Q2 2025. The average mining cost, excluding depreciation, was $81,072 per BTC, with total costs amounting to $99,383 per BTC. As of the end of September 2025, Cango has accumulated a total of 5,810 BTC since venturing into the mining business.

In a strategic move to optimize its capital structure, improve business transparency, and align with its major strategic focus, Cango has concluded its ADR program and transitioned to direct listing on the New York Stock Exchange.

A Message from Leadership

Paul Yu, CEO of Cango Inc., commented on the results, stating, “This quarter marks a significant milestone. It's been a year since our strategic transformation into a Bitcoin miner. During Q3, we concentrated on our core mining operations, further solidifying Cango's position as an efficiently operated large-scale Bitcoin miner. Specifically, we mined 1,930.8 BTC, averaging 21.0 BTC daily. As we consolidate our core business, we are also outlining our long-term strategy to build a global distributed AI processing network powered by green energy, with Bitcoin mining acting as a practical entry point to fulfill our energy and computing ambitions. In the near term, we will continue to closely monitor market dynamics, manage our distributed production, and explore partnership models to mitigate market risks and enhance operational stability.”

For further details on the financial results, please refer to the complete report available here.

For investor relations inquiries, please contact Juliet Ye, Head of Communications, Cango Inc. via email at [email protected]