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Cango Inc. Reports Its Second Quarter 2025 Financial Results

Cango Inc. (NYSE: CANG) has announced its unaudited financial outcomes for the second quarter ending June 30, 2025, showcasing robust operational performance and strategic advancements. This report provides a deep dive into the financial metrics that outline the company's growth trajectory and operational enhancements in the competitive field of Bitcoin mining.

Financial Highlights

As of June 30, 2025, Cango achieved a total mining capacity of 50 EH/s, driven significantly by the acquisition of 18 EH/s in June 2025. Additionally, the company completed the sale of its assets in China for $352 million in May, which has bolstered its liquidity to support ongoing strategic initiatives. During this quarter, Cango reported total revenue of $139.8 million, with its Bitcoin mining business contributing $138.1 million to this figure. The adjusted EBITDA came in at $99.1 million, demonstrating the profitability of its core operations.

In this reporting period, Cango mined a total of 1,404.4 Bitcoins, with the average mining cost — excluding depreciation of mining equipment — pegged at $83,091 per Bitcoin. Total production costs averaged $98,636 per Bitcoin. Impressively, since entering the Bitcoin mining sector, Cango has mined a cumulative total of 3,879.2 Bitcoins.

The reported net loss during this quarter primarily stemmed from a one-time loss related to disposed segments and a non-cash impairment charge for mining equipment due to significant fluctuations in Cango's stock price. Notably, these charges were linked to strategic directions taken by the company rather than indicative of underperformance in operations. Adjusted for these exceptional items, the EBITDA reflected the resilience and profitability inherent in the Bitcoin mining operation.

Management Insights

Mr. Paul Yu, CEO of Cango, shared that this quarter marks a significant milestone as it represents the first complete quarter following the company’s strategic restructuring. Within just nine months, Cango has positioned itself as one of the leading Bitcoin miners globally through an asset-light strategy that allows rapid scaling with minimal initial investment. Although this approach results in higher cash outlays per Bitcoin, the reduced depreciation cost positions Cango favorably in terms of total expenditure and capital efficiency.

The recent acquisition of 18 EH/s has correspondingly increased the total mining capacity to 50 EH/s, leading to a 44% rise in Bitcoin production in July. This growth underscores the positive impact of expanded operational activities and supports ongoing scaling efforts through both organic initiatives and strategic acquisitions. Furthermore, the procurement of a 50-MW mining facility in Georgia not only enhances energy security but also decreases electricity costs, thereby providing the company with operational expertise for future HPC (High-Performance Computing) and energy projects.

Cango's strategic decisions reflect a balanced approach towards managing operational efficacy while navigating market challenges within the cryptocurrency space. As Cango continues to adapt and evolve its strategies, it maintains a forward-looking perspective aimed at capturing further market share and fostering sustainable growth across its activities in cryptocurrency mining and related ventures.

For investors and stakeholders, these outcomes underline the commitment of Cango toward transparency and continuous improvement in the dynamic landscape of cryptocurrency. The comprehensive approach taken by the company positions it well for future developments, potentially yielding substantial benefits in the upcoming quarters.

Conclusion

Cango Inc.'s second-quarter results reveal a strong foundation for future endeavors in Bitcoin mining, marked by strategic asset management and operational excellence. As the cryptocurrency market evolves, Cango's proactive measures will likely enhance its competitive edge, inspiring confidence among investors and stakeholders alike. Future updates from Cango will be pivotal in determining the company’s trajectory as it strives to capitalize on new opportunities within this burgeoning sector.