#USA #Dallas #Bitcoin Mining #Cango #NYSE CANG

Cango Inc. Reports Impressive Financial Results for Q3 2025

On December 1, 2025, Cango Inc. (NYSE: CANG) announced its unaudited financial results for the third quarter ending September 30, 2025, showcasing remarkable growth and strategic advancements in its operations.

Financial Highlights

In the third quarter of 2025, Cango achieved total revenues of $224.6 million, marking a significant increase of 60.6% compared to the preceding quarter. The majority of this revenue, amounting to $220.9 million, was generated from its bitcoin mining operations.

Operating income for Cango stood at $43.5 million, while the net profit reached $37.3 million during this period. Adjusted EBITDA for Q3 2025 was recorded at $80.1 million, reflecting the company's strong operational performance.

Operational Efficiency

Cango's operational hash rate saw a steady increase from 40.91 EH/s in July to an impressive 44.85 EH/s in September, later climbing to 46.09 EH/s in October. This consistent improvement, with yields exceeding 90%, can be attributed to enhancements in operational methods and upgrades in mining equipment, coupled with the strategic relocation of mining facilities.

In terms of bitcoin production, the company successfully mined a total of 1,930.8 bitcoins during Q3 2025, averaging about 21.0 bitcoins mined per day. This represented a notable increase of 37.5% in overall production and 36% in daily output compared to the previous quarter. The average mining cost, excluding machinery depreciation, was $81,072 per bitcoin, with all-in costs amounting to $99,383 per bitcoin. As of the end of September 2025, Cango had mined a cumulative total of 5,810 bitcoins since entering the bitcoin mining sector.

Strategic Transition

In a significant strategic move, Cango has decided to terminate its ADR program and has transitioned to a direct listing on the NYSE. This change is aimed at optimizing the company's capital structure, enhancing transparency, and aligning with its strategic direction.

Paul Yu, CEO of Cango, expressed his optimism regarding the third quarter's performance, highlighting that this period marks an essential milestone in the company's journey as a disciplined large-scale bitcoin miner. He commented, “We are focused on our core mining operations, reinforcing Cango’s position within the bitcoin mining sector. Specifically, we mined 1,930.8 bitcoins, averaging 21.0 bitcoins daily.”

He further mentioned the company’s long-term vision of establishing a global distributed AI computing network powered by green energy, with bitcoin mining serving as a practical gateway to these energy and computing ambitions. In the short term, Cango plans to keep a close watch on market dynamics, manage its deployed production efficiently, and explore partnership models to mitigate market risks while bolstering operational stability.

Conclusion

Cango Inc.'s unaudited financial results for Q3 2025 reflect not only a robust financial performance but also strategic foresight in positioning itself within the rapidly evolving bitcoin mining industry. As the company continues to enhance its operational capabilities and clarify its long-term strategy, its stakeholders eagerly anticipate the next phases of growth.