HONG KONG, Sept. 4, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) today announced its unaudited financial results for the second quarter ended June 30, 2025.
Financial and Operational Highlights
- As of June 30, 2025, the company's total mining capacity reached 50 EH/s, primarily driven by the acquisition of 18 EH/s in June 2025. Furthermore, in May, Cango completed the divestiture of its China-based assets for US$352 million, generating substantial liquidity to support ongoing strategic initiatives.
- Total revenues were US$139.8 million during the period, with the Bitcoin mining business generating revenue of US$138.1 million.
- Adjusted EBITDA was US$99.1 million during the period.
- A total of 1,404.4 Bitcoins were mined during the quarter. Average cost to mine, excluding depreciation of mining machines, was US$83,091 per Bitcoin, with all-in costs of US$98,636 per Bitcoin. As of the end of June 2025, the Company had mined 3,879.2 Bitcoins since entering the Bitcoin mining industry.
- The net loss for the period was mainly attributable to the one-off loss on discontinued operations and the non-cash impairment loss from mining equipment contracted last November and settled via equity in June of this year-triggered by the significant appreciation in Cango's share price between signing and delivery. These charges related to the Company's strategic steps rather than operational underperformance. Excluding the impairment and the one-off loss from discontinued operations, adjusted EBITDA stood at US$99.1 million during the period, demonstrating the strength and profitability of the core Bitcoin mining business.
Mr. Paul Yu, CEO of Cango, said, "This quarter marks a significant milestone as we report our first full quarter following our strategic transformation. In just nine months, we've established ourselves as one of the largest Bitcoin miners globally, supported by our asset-light strategy that enables quick scaling with minimal upfront capital. While this approach incurs higher cash costs per Bitcoin, our lower depreciation expenses ensure competitive all-in costs and strong capital efficiency. Our recent acquisition of 18 EH/s increased our total mining capacity to 50 EH/s, contributing to a 44% increase in Bitcoin production in July. This growth underscores the impact of our expanded operations and supports further scaling through organic initiatives and strategic acquisitions. Additionally, our acquisition of 50 MW mining facility in Georgia enhances our energy security and lowers power costs, providing operational expertise for future HPC and energy initiatives."
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