Cango (CANG) Company Report

Cango Inc. reported total revenues of US$224.6 million for the third quarter of 2025, a 60.6% increase compared to the second quarter of 2025, with US$220.9 million generated from its bitcoin mining business.
For Q3 2025, the company achieved operating income of US$43.5 million, net income of US$37.3 million, and Adjusted EBITDA of US$80.1 million.
Operationally, Cango mined 1,930.8 BTC in Q3 2025, averaging 21.0 BTC per day, which represents a 37.5% increase in total output compared to the second quarter of 2025.
Cango is advancing its long-term strategy to build a global, distributed AI compute network powered by green energy, with energy projects in Oman and Indonesia currently underway.

3 days ago

6-K

Cango Inc. Reports Q3 2025 Financial Results

CANG

Earnings

Revenue Acceleration/Inflection

Delisting/Listing Issues

Cango Inc. reported total revenues of US$224.6 million for the third quarter of 2025, a 60.6% increase compared to the second quarter of 2025, with US$220.9 million generated from its bitcoin mining business.
For Q3 2025, the company achieved operating income of US$43.5 million, net income of US$37.3 million, and Adjusted EBITDA of US$80.1 million.
Cango mined 1,930.8 BTC during the third quarter, averaging 21.0 BTC per day, which represents a 37.5% increase in total output compared to the second quarter of 2025, with an all-in cost of US$99,383 per BTC.
The company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure and enhance corporate transparency.

3 days ago

Press Release

CANG Announces Q3 2025 Results and Strategic Developments

CANG

Earnings

Board Change

New Projects/Investments

Cango reported total revenue of $224.6 million and Adjusted EBITDA of $80.1 million for Q3 2025, achieving a net income of $37.3 million.
The company's BTC mining business generated $220.9 million in revenue, mined 1,930.8 BTC during the quarter, and held a BTC treasury of 5,810.1 BTC valued at $662.3 million as of September 30, 2025.
As of September 30, 2025, Cango operated 50 EH/s of deployed hashrate globally.
Key achievements include a leadership restructuring in July 2025, the acquisition of a 50 MW mining facility in August 2025, and the Board's approval in October 2025 for a direct listing of shares on the NYSE, ending its ADR program.
Cango is also strategically transitioning from BTC mining to building a global distributed AI computing infrastructure network, with pilot projects underway for its AI business and energy projects expected online within 12-24 months.

3 days ago

Presentation

Cango Reports Strong Q3 2025 Financial Results and Advances AI Compute Strategy

CANG

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Cango reported strong financial results for Q3 2025, with total revenue reaching $225 million, representing a 60.6% sequential increase, and net income of $37.3 million.
The company produced 1,930.8 Bitcoins in Q3 2025, a 37.5% sequential increase, and operates a deployed hash rate of 50 exahash globally.
Cango is executing a long-term strategy to build a global distributed AI compute network powered by green energy, using Bitcoin mining as an on-ramp, with clean energy projects in Oman and Indonesia expected to be commissioned within one to two years.
Operational efficiency improved, with the average operating hash rate reaching 46.09 exahash in October and overall efficiency surpassing 90%. The company also acquired a 50-megawatt mining facility in Georgia.

3 days ago

Transcript

Cango Reports Strong Q3 2025 Financial Results and Advances AI Compute Strategy

CANG

Earnings

New Projects/Investments

Debt Issuance

Cango reported Q3 2025 total revenue of $224.6 million, a 60.6% sequential increase, with operating income of $43.5 million and net income of $37.3 million.
The company mined 1,930.8 Bitcoins in Q3 2025, an increase of 37.5% sequentially, with an average daily production of 21 Bitcoins and a deployed hash rate of 50 exahash globally.
Cango is pursuing a long-term strategy to build a global distributed AI compute network powered by green energy, using Bitcoin mining as an on-ramp, and has clean energy projects underway in Oman and Indonesia.
The company optimized its debt structure to primarily long-term borrowings, with an expected cost of debt in the 7%-8% annualized range, and maintains a Bitcoin holding strategy.
As of September 30, 2025, Cango had $44.9 million in cash and cash equivalents and $405.1 million in long-term debt.

3 days ago

Transcript

Cango Reports Strong Q3 2025 Financial Results and Strategic Expansion into AI Compute

CANG

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Cango reported strong financial results for Q3 2025, with total revenue reaching $224.6 million, a 60.6% sequential increase, and net income of $37.3 million. Adjusted EBITDA for the quarter was $80.1 million.
The company's Bitcoin mining operations produced 1,930.8 Bitcoins in Q3 2025, representing a 37.5% sequential increase, with a deployed hash rate of 50 exahash globally. The average operating hash rate improved to 46.09 exahash in October with over 90% efficiency.
Cango is strategically expanding into a global distributed AI compute network powered by green energy, using Bitcoin mining as an on-ramp, and has clean energy projects underway in Oman and Indonesia.
As of September 30, 2025, Cango held $44.9 million in cash and cash equivalents and $660 million in receivables for Bitcoin collateral. The company maintains a Bitcoin holding strategy and has optimized its debt maturity profile, with planned borrowing costs in the 7%-8% annualized range.

3 days ago

Transcript

Cango Inc. Reports Third Quarter 2025 Financial Results

CANG

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Cango Inc. reported total revenues of US$224.6 million in the third quarter of 2025, with US$220.9 million generated from its bitcoin mining business, marking a 60.6% increase compared to the second quarter of 2025.
The company achieved a net income of US$37.3 million and Adjusted EBITDA of US$80.1 million for the third quarter of 2025.
In Q3 2025, Cango mined 1,930.8 BTC, averaging 21.0 BTC per day, which is a 37.5% increase in total output compared to the second quarter of 2025, with the average operating hashrate reaching 44.85 EH/s in September.
As of September 30, 2025, Cango held cash and cash equivalents of US$44.9 million.
Cango is advancing its strategic roadmap to build a global, distributed AI compute network powered by green energy, with small-scale pilot projects for energy and AI compute currently underway.

3 days ago

Press Release

Cango Inc. Reports First Half 2025 Results, Completes Strategic Divestment, and Announces Leadership and Listing Changes

CANG

Earnings

M&A

Board Change

Cango Inc. completed the divestment of its PRC Business on May 27, 2025, for approximately $351.94 million in cash, strategically shifting its focus to bitcoin mining and international automobile trading.
For the six months ended June 30, 2025, the company reported a net loss attributable to shareholders of $(367,567,155), which included a net loss from discontinued operations of $(162,469,018).
The Bitcoin Mining Business generated $282,269,981 in revenue for the six months ended June 30, 2025, but reported a loss before income taxes of $(194,456,797), primarily due to an impairment loss from mining machines of $256,856,570.
A new Board of Directors and senior management team were appointed on July 23, 2025, with Mr. Xin Jin as Chairman and Mr. Peng Yu as Chief Executive Officer.
The company's ADR program was terminated on November 14, 2025, and its Class A ordinary shares commenced trading directly on the NYSE under the symbol "CANG" on November 17, 2025.

Nov 17, 2025, 11:11 AM

6-K

Cango Class A Ordinary Shares Begin Trading on NYSE

CANG

Delisting/Listing Issues

New Projects/Investments

Cango Inc. Class A ordinary shares commenced trading on the New York Stock Exchange (NYSE) on November 17, 2025, following the termination of its American Depositary Receipt (ADR) program.
The direct listing resulted in former ADS holders receiving two Class A ordinary shares for each ADS, effectively a 2-for-1 share split, and did not involve the issuance of new shares or raising additional capital, ensuring no dilution to existing shareholders.
As of November 17, 2025, Cango has approximately 356 million Class A ordinary shares outstanding.
Cango's primary business is Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024.

Nov 17, 2025, 11:00 AM

Press Release

Cango Inc. Releases Shareholder Letter on Bitcoin Mining Transformation and Future Plans

CANG

New Projects/Investments

Revenue Acceleration/Inflection

Delisting/Listing Issues

Cango Inc. marked the one-year milestone of its transformation into a Bitcoin mining operation on November 6, 2025, with a vision to deliver energy-secured HPC services.
The company rapidly scaled its global Bitcoin mining platform to 50 EH/s by June 2025 and reported US$139.8 million in revenue and US$99.1 million in adjusted EBITDA for Q2 2025.
Key strategic moves include divesting China-based assets by May 2025, acquiring a 50 MW facility in Georgia for US$19.5 million in August 2025, and growing Bitcoin holdings to over 6,400 BTC by October 31, 2025.
Cango will transition to a direct NYSE listing on November 17, 2025, and plans a dual-track expansion into energy and HPC, including a targeted entry into the AI HPC market.

Nov 6, 2025, 10:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Cango.

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