Cango Inc. Reports Impressive Unverified Financial Results for Q3 2025

Cango Inc. Reports Unverified Financial Results for Q3 2025

On December 1, 2025, Cango Inc. (NYSE: CANG) released its unaudited financial results for the third quarter, which ended on September 30, 2025. The report highlights significant financial growth and operational achievements in the company’s bitcoin mining sector.

Financial Highlights

Cango reported total revenues of approximately $224.6 million for Q3 2025, reflecting a remarkable increase of 60.6% compared to Q2 2025. A substantial portion of this revenue—around $220.9 million—came from its bitcoin mining operations. This growth indicates a successful expansion in one of the most dynamic sectors of the cryptocurrency market.

The operational income for the quarter stood at $43.5 million, with a net income of $37.3 million. The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was around $80.1 million, providing further evidence of the company's effective management and profitable operations.

Mining Operations

Cango's average operational hash rate exhibited a steady increase, progressing from 40.91 EH/s in July to 44.85 EH/s in September. Remarkably, this figure improved further to 46.09 EH/s in October, demonstrating operational efficiency exceeding 90%. This optimization has been attributed to the strategic relocation of mining facilities, operational improvements, and essential hardware upgrades.

During Q3, Cango successfully mined 1,930.8 BTC, averaging an impressive 21.0 BTC daily. This represents a gain of 37.5% in total production and a 36% increase in daily production compared to the previous quarter. The average cost of mining, excluding the depreciation of machinery, was calculated at $81,072 per BTC, with a total cost of $99,383 per BTC.

By the end of September 2025, Cango had successfully mined a cumulative total of 5,810 BTC since it ventured into the bitcoin mining industry, underscoring its growth trajectory.

Strategic Initiatives

Cango has also accomplished the conclusion of its American Depositary Receipt (ADR) program. The company now trades directly on the New York Stock Exchange (NYSE), a move aimed at enhancing its capital structure, increasing corporate transparency, and aligning its strategy with long-term operational goals.

According to Paul Yu, CEO of Cango, this quarter marks a critical milestone for the company. It has been a year since Cango's strategic shift to a bitcoin mining enterprise. Yu noted, "We have concentrated on our core mining operations, solidifying Cango's position as a large-scale, disciplined bitcoin mining company. With 1,930.8 BTC mined, our focus on operational efficiency has proven effective."

Vision for the Future

Cango's strategy extends beyond bitcoin mining. The company has set an ambitious long-term goal to establish a global AI computing network powered by green energy, with bitcoin mining acting as a practical pathway to achieve its energy and computational ambitions. In the short term, Cango plans to closely monitor market dynamics, optimize its deployment of production, and explore collaborative models to mitigate market risks and enhance operational stability.

The full article detailing these results can be accessed here.

For more investor relations details, please contact Juliet Ye, Communications Director at Cango Inc., via email at [email protected]