Cango Inc. Reveals Robust Financial Performance for Q2 2025

Cango Inc. Reports Financial Results for Q2 2025

Cango Inc. (NYSE: CANG) released its unaudited financial results for the second quarter ending June 30, 2025, showcasing remarkable growth and operational enhancements. As of June 30, Cango’s total hashing capacity reached an impressive 50 EH/s (exahashes per second), boosted largely by the acquisition of an additional 18 EH/s in June.

The company generated a total revenue of $139.8 million, with the Bitcoin mining operations contributing a staggering $138.1 million. Their adjusted EBITDA for the quarter stood at $99.1 million, reflecting their solid operational framework. During this period, Cango successfully mined 1,404.4 bitcoins, with an average extraction cost (excluding machine depreciation) of $83,091 per bitcoin and a total comprehensive cost of $98,636 per bitcoin. To date, Cango has mined a cumulative total of 3,879.2 bitcoins since its entry into the Bitcoin mining sector.

The report highlighted that Cango's net loss for the quarter primarily stemmed from a unique loss on discontinued operations and an impairment loss related to contracted mining equipment, which had escalated significantly in value by June. These factors are tied to the company’s strategic measures rather than any operational shortcomings.

Mr. Paul Yu, CEO of Cango, expressed enthusiasm about the quarter, emphasizing that it marks a key milestone as the company unveils its first complete quarter following a strategic overhaul. He articulated that, within just nine months, Cango has risen to become one of the largest Bitcoin miners globally, largely owing to its strategy of minimal asset ownership, facilitating rapid scalability with minimal initial capital investment. Although this approach results in higher cash costs per bitcoin, their reduced depreciation costs keep their comprehensive costs competitive, ensuring significant capital efficiency.

The acquisition of additional mining capacity has led to a remarkable 44% increase in Bitcoin production in July alone. This growth underscores the impact of Cango's expanded operations, paving the way for further growth through both organic initiatives and strategic acquisitions. The recent acquisition of a 50 MW mining operation in Georgia has bolstered their energy security while also reducing electricity costs, equipping the company with operational expertise for future high-performance computing and energy initiatives.

In summary, Cango Inc.’s financial trajectory in Q2 2025 reflects a robust operational model strategically geared towards capturing a significant market share in the Bitcoin mining industry. The potential for further expansion and optimization positions Cango favorably for future quarters.

For more details, you can read the full article at PR Newswire.