Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results with Significant Growth

Cango Inc.'s Unaudited Financial Results for Q3 2025

On December 1, Cango Inc. (NYSE: CANG), a prominent player in the cryptocurrency sector, disclosed its unaudited financial outcomes for the third quarter that concluded on September 30, 2025. The report highlights notable growth, particularly benefiting from its Bitcoin mining operations.

Financial Highlights

During the third quarter, Cango recorded total revenues amounting to $224.6 million, representing a remarkable increase of 60.6% compared to the previous quarter. This growth is primarily attributed to the company's Bitcoin mining segment, which alone generated revenues of $220.9 million. The operation earnings reached $43.5 million, while the net income stood at $37.3 million. The adjusted EBITDA for this quarter was marked at $80.1 million.

The average operational hash rate, a critical measure in mining efficiency, improved significantly from 40.91 EH/s in July to 44.85 EH/s in September, with further enhancement seen in October, peaking at 46.09 EH/s. This efficiency boost was achieved through strategic relocations of mining facilities, operational improvements, and hardware upgrades.

In total, Cango mined 1,930.8 BTC during the quarter, averaging about 21 BTC daily. This achievement reflects a 37.5% increase in total production and a 36.0% increase in daily output compared to Q2 2025. The average mining costs, excluding depreciation of the mining equipment, were recorded at $81,072 per BTC, translating to total costs of $99,383 per BTC. Since entering the Bitcoin mining business, the company has mined a cumulative total of 5,810 BTC by the end of September 2025.

Strategic Direction

In its aim to enhance operational transparency and optimize its capital structure, Cango concluded its American Depositary Receipts (ADR) program, transitioning to a direct listing on the New York Stock Exchange. This strategic move aligns with the company's mission to reinforce its core business focus on Bitcoin mining while pursuing long-term ambitions in the green energy domain.

Paul Yu, the CEO of Cango, emphasized that this quarter marks a significant milestone.