#USA #Dallas #Bitcoin Mining #Financial Reports #Cango Inc.

Cango Inc.'s Financial Performance for 2025

Cango Inc. (NYSE: CANG), a prominent player in the Bitcoin mining industry, has recently disclosed its unaudited financial results for the final quarter and entire year of 2025. The report emphasizes the company's remarkable revenue derived from its global mining operations, showcasing its strategic shift towards an integrated platform combining energy and AI computation.

Financial Highlights

In 2025, Cango achieved total revenues of approximately $688.1 million, with the fourth quarter alone contributing $179.5 million to this figure. A notable portion of this revenue, $675.5 million, came directly from Bitcoin mining, which accounted for $172.4 million in the final quarter. However, the adjusted EBITDA for the year stood at $24.5 million but revealed a concerning downward trend with a loss of $156.3 million in Q4.

Over the year, the company successfully mined a total of 6,594.6 bitcoins, averaging 18.07 bitcoins per day. In the last quarter, they mined 1,718.3 bitcoins, yielding approximately 18.68 daily. The average mining cost, excluding equipment depreciation, was reported at $79,707 per bitcoin for the full year, increasing to $84,552 in the fourth quarter. Total costs hovered around $97,272 per bitcoin yearly, surging to $106,251 per bitcoin in Q4.

Cango has also highlighted its strategic decision to discontinue its American Depository Receipt (ADR) program and directly list on the New York Stock Exchange (NYSE). This move aims to bolster transparency and align with the company's strategic goals, potentially expanding its investor base significantly.

Comments from Leadership

Paul Yu, the CEO of Cango Inc., stated, "2025 marked our inaugural year as Bitcoin miners, characterized by agile execution. We undertook a comprehensive asset restructuring and established a globally distributed mining network. As we embark on 2026, we proactively strengthened our balance sheet and optimized our mining fleet to improve efficiency and cost resilience. Concurrently, we are progressing towards becoming a provider of AI infrastructure. Through our EcoHash initiative, we utilize our skills in scalable computing and energy networking to deliver flexible, cost-efficient AI inferencing solutions. With initial upgrades underway and products ready for deployment, we are strategizing to navigate this new era with focus and discipline.”

Michael Zhang, CFO, elaborated further, stating, "In 2025, Cango recorded significant revenue growth driven by the expansion of our Bitcoin mining operations. The net loss from ongoing operations reached $452.8 million, primarily due to one-time transformation costs and fair value adjustments resulting from the market conditions. Our financial strategy concentrated on enhancing our balance sheet to reduce leverage through an adjusting treasury policy focused on Bitcoin and liquidity management while securing new capital inflows to provide the flexibility needed to weather volatility and invest in high-potential areas such as AI infrastructure.”

Conclusion

The comprehensive report released by Cango Inc. not only sheds light on the financial health of the company, but it also emphasizes its ambitious plans for growth and transformation in the evolving landscape of cryptocurrency mining and AI. As Cango moves into 2026, stakeholders and investors will be closely monitoring its strategic execution and operational adjustments in pursuit of sustainable growth and capital efficiency.

For further details, the full press release can be accessed through PR Newswire.