#USA #Dallas #financial results #Bitcoin Mining #Cango Inc.

Cango Inc. Reports Strong Financial Performance for Q3 2025

Cango Inc. (NYSE: CANG) has publicly announced its unaudited financial results for the third quarter of 2025, which ended on September 30. This quarter signifies a pronounced achievement in revenue and operational performance, particularly in the rapidly growing sector of bitcoin mining.

In Q3 2025, Cango recorded total revenues of $224.6 million, representing a staggering 60.6% increase compared to the previous quarter. The major contributor to this revenue boom was the company's bitcoin mining activities, which alone generated $220.9 million. This remarkable performance underscores the effectiveness of Cango's strategic focus on expanding its mining operations and maximizing efficiency.

The company reported an operating income of $43.5 million, alongside a net profit of $37.3 million during the same period. The adjusted EBITDA for Q3 2025 stood at $80.1 million, further reflecting the company's healthy financial performance and profitability. Cango's operational metrics also showed promising trends, as the average operational hashrate increased from 40.91 EH/s in July to 44.85 EH/s in September, ultimately reaching 46.09 EH/s in October, with an impressive efficiency rate of over 90%. This growth can be predominantly attributed to strategic relocations of mining facilities, operational enhancements, and hardware upgrades.

Throughout Q3, Cango was able to mine a total of 1,930.8 BTC, averaging 21.0 BTC per day. This represents an increase of 37.5% in total production and 36.0% in daily output compared to Q2 2025. The average mining costs, excluding depreciation of mining machinery, were reported at $81,072 per BTC, with all-in costs around $99,383 per BTC. Since its entry into the bitcoin mining sector, Cango has successfully mined a total of 5,810 BTC by the end of September 2025.

In a significant move to optimize its capital structure and enhance corporate transparency, Cango Inc. concluded its ADR program and transitioned to a direct listing on the NYSE. This strategic shift aligns with Cango’s long-term objectives and its commitment to establishing itself as a major player in the bitcoin mining landscape.

CEO Paul Yu remarked, “This quarter marks a crucial milestone for us. Our strategic transformation into a bitcoin miner commenced approximately a year ago, and during Q3, we focused on refining our core mining activities while solidifying Cango’s position as a large-scale, operationally disciplined bitcoin miner. We mined 1,930.8 BTC, averaging 21.0 BTC per day. While consolidating our core operations, we also clarified our long-term vision to construct a globally distributed AI computing network powered by green energy, using bitcoin mining as a practical step towards our energy and computing ambitions. Moving forward, we will closely monitor market dynamics, manage our production efficiently, and continually explore collaborative models to mitigate market risks and enhance operational stability.”

For further details, you can access the full financial report here. The company is enthusiastic about its future, aiming to create a sustainable and technologically advanced framework in the cryptocurrency sector. As Cango Inc. continues to evolve, its commitment to innovation and efficiency will undoubtedly play a pivotal role in its success.