Cango Inc. Reports Impressive Growth in First Quarter 2025 Financial Results Driven by Bitcoin Mining

Cango Inc. Reports Impressive Q1 2025 Financial Results

Cango Inc. (NYSE: CANG) has recently unveiled its unaudited financial results for the first quarter of 2025, showcasing a remarkable transformation in its revenue streams, chiefly due to its newly established Bitcoin mining operations. This strategic pivot is not only reflecting the company's ability to adapt but also indicates its long-term ambitions in the cryptocurrency arena.

Financial Highlights

During the first quarter of 2025, Cango reported total revenues amounting to RMB 1.1 billion (approximately US$145.2 million), a staggering increase from RMB 64.4 million in the same period of the previous year. This considerable growth was primarily fueled by the company's Bitcoin mining business, which alone generated revenues of RMB 1.0 billion (around US$144.2 million). In total, Cango successfully mined 1,541 Bitcoins within the quarter, emphasizing the significant operational efficiency achieved since launching its mining operations in November 2024.

The average cost associated with mining each Bitcoin, excluding depreciation of mining equipment, stood at US$70,602.1. Cango's Chief Executive Officer, Mr. Jiayuan Lin, remarked on this robust performance, stating it marks a new chapter in the company's growth trajectory. He further highlighted that throughout the quarter, operational efficiency was a top priority, resulting in a substantial increase in Bitcoin mined compared to the previous quarter's production of 933.8 Bitcoins.

Cango's adjusted EBITDA for Q1 2025 was reported at RMB 27.6 million (around US$3.8 million), although this figure represents a decline from RMB 108.4 million in Q1 2024, indicating the challenges faced during their expansion phase. Despite the challenges, the company maintained a strong balance sheet, with total cash and equivalents and short-term investments reaching RMB 2.5 billion (approximately US$347.4 million).