Cango Inc. Reports Unaudited Financial Results for Q4 and Full Year 2025
Cango Inc. (NYSE: CANG) has recently released its unaudited financial results for the fourth quarter and the entire year ended December 31, 2025. As a prominent player in the Bitcoin mining sector, Cango has utilized its international operations to forge an integrated platform focused on energy provision and AI computing.
Key Financial Highlights from 2025
For the entirety of 2025, Cango reported impressive total revenues amounting to $688.1 million, which included $179.5 million generated in the fourth quarter alone. Significantly, the revenue exclusively from the Bitcoin mining operations was $675.5 million for the year, and during Q4, this sector contributed $172.4 million. Despite the revenue gains, the adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the year reflected a profit of $24.5 million. However, the fourth quarter saw an adjusted EBITDA loss of $156.3 million, highlighting the challenges faced during that period.
In total, a remarkable 6,594.6 Bitcoins were mined throughout the year, averaging approximately 18.07 Bitcoins daily, with the Q4 output being 1,718.3 Bitcoins, or about 18.68 Bitcoins per day. The costs associated with mining averaged $79,707 per Bitcoin over the entire year, with Q4 costs climbing to $84,552 per Bitcoin. When considering all expenses, the all-in cost per Bitcoin stood at $97,272 for the year, increasing to $106,251 during the fourth quarter. Cango has cumulatively mined 7,528.4 Bitcoins since entering the market.
Strategic Movements and Leadership Insights
In a strategic move to enhance transparency and broaden its investor base, Cango has successfully terminated its American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE.
Paul Yu, the CEO of Cango, emphasized that 2025 was a pivotal year for the company, as it marked its first complete year operating as a Bitcoin miner. He stated, "This year was characterized by swift execution and a thorough asset restructuring, which allowed us to establish a globally distributed mining footprint. As we enter 2026, we are actively reinforcing our balance sheet and optimizing our mining fleet to boost efficiency and resilience to costs. In parallel, we are committed to transitioning into an AI infrastructure provider. Through our initiative EcoHash, we are poised to leverage our expertise in scalable computing and energy networks to develop flexible and cost-efficient AI inference solutions. Initial site retrofitting efforts are already in progress, and we are ready to roll out our product offerings in the near future.”
CFO Michael Zhang added, "Cango achieved substantial revenue growth from its extensive Bitcoin mining activities in 2025. The net loss from continuing operations was $452.8 million, primarily resulting from one-off transformation expenses and adjustments in market-driven fair value. Our financial strategy has been oriented toward solidifying our balance sheet through a recalibrated Bitcoin treasury policy, effective liquidity management, and securing new equity to ensure we are well-positioned to navigate the volatile market while investing in high-potential fields like AI infrastructure.”
In summary, Cango Inc.'s financial report reveals a tale of growth tempered by significant challenges within the Bitcoin mining landscape. With an eye firmly set on the future, Cango is strengthening its foundations while delving into innovative technologies that could redefine its operational capabilities.
Key Financial Highlights from 2025
For the entirety of 2025, Cango reported impressive total revenues amounting to $688.1 million, which included $179.5 million generated in the fourth quarter alone. Significantly, the revenue exclusively from the Bitcoin mining operations was $675.5 million for the year, and during Q4, this sector contributed $172.4 million. Despite the revenue gains, the adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the year reflected a profit of $24.5 million. However, the fourth quarter saw an adjusted EBITDA loss of $156.3 million, highlighting the challenges faced during that period.
In total, a remarkable 6,594.6 Bitcoins were mined throughout the year, averaging approximately 18.07 Bitcoins daily, with the Q4 output being 1,718.3 Bitcoins, or about 18.68 Bitcoins per day. The costs associated with mining averaged $79,707 per Bitcoin over the entire year, with Q4 costs climbing to $84,552 per Bitcoin. When considering all expenses, the all-in cost per Bitcoin stood at $97,272 for the year, increasing to $106,251 during the fourth quarter. Cango has cumulatively mined 7,528.4 Bitcoins since entering the market.
Strategic Movements and Leadership Insights
In a strategic move to enhance transparency and broaden its investor base, Cango has successfully terminated its American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE.
Paul Yu, the CEO of Cango, emphasized that 2025 was a pivotal year for the company, as it marked its first complete year operating as a Bitcoin miner. He stated, "This year was characterized by swift execution and a thorough asset restructuring, which allowed us to establish a globally distributed mining footprint. As we enter 2026, we are actively reinforcing our balance sheet and optimizing our mining fleet to boost efficiency and resilience to costs. In parallel, we are committed to transitioning into an AI infrastructure provider. Through our initiative EcoHash, we are poised to leverage our expertise in scalable computing and energy networks to develop flexible and cost-efficient AI inference solutions. Initial site retrofitting efforts are already in progress, and we are ready to roll out our product offerings in the near future.”
CFO Michael Zhang added, "Cango achieved substantial revenue growth from its extensive Bitcoin mining activities in 2025. The net loss from continuing operations was $452.8 million, primarily resulting from one-off transformation expenses and adjustments in market-driven fair value. Our financial strategy has been oriented toward solidifying our balance sheet through a recalibrated Bitcoin treasury policy, effective liquidity management, and securing new equity to ensure we are well-positioned to navigate the volatile market while investing in high-potential fields like AI infrastructure.”
In summary, Cango Inc.'s financial report reveals a tale of growth tempered by significant challenges within the Bitcoin mining landscape. With an eye firmly set on the future, Cango is strengthening its foundations while delving into innovative technologies that could redefine its operational capabilities.
Topics Financial Services & Investing）
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