Cango Inc. Reports Strong Financial Results for 2025 Amid Bitcoin Mining Growth

Cango Inc. Unveils Financial Performance for 2025

Cango Inc. (NYSE: CANG), a prominent Bitcoin mining company, has recently published its unaudited financial results for the fourth quarter and the entirety of 2025. The organization has capitalized on its global operations to further develop a comprehensive energy and AI computing platform. This strategic pivot is set against the backdrop of a rapidly evolving cryptocurrency market.

Financial Highlights

In the financial year ending December 31, 2025, Cango Inc. reported a total revenue of $688.1 million, with $179.5 million generated in the fourth quarter alone. The revenue from Bitcoin mining specifically amounted to $675.5 million for the year, demonstrating the company's strong foothold in this competitive industry. However, the adjusted EBITDA for the entire year stood at $24.5 million while the fourth quarter faced an adjusted EBITDA loss of $156.3 million.

Throughout 2025, Cango Inc. successfully mined 6,594.6 bitcoins, averaging 18.07 bitcoins per day, with 1,718.3 bitcoins mined in the fourth quarter, reflecting an average of 18.68 bitcoins daily.

The average extraction cost, excluding machinery depreciation, was calculated at $79,707 per bitcoin for the year, with a higher cost of $84,552 noted in Q4. Total production costs reached $97,272 per bitcoin for the year versus $106,251 per bitcoin in the last quarter, illustrating the significant operating expenses associated with mining activities. Since entering the sector, Cango Inc. has extracted a total of 7,528.4 bitcoins as of December 2025.

Strategic Shift

Cango Inc. recently concluded its ADR program and opted for a direct listing on the NYSE. This decision aims to enhance transparency and align its strategic direction while potentially broadening its investor base. CEO Paul Yu emphasized the company's commitment to rapid execution and effective asset restructuring in 2025.