U.S.-listed company Cango Inc. (Cango) has released its unaudited financial results for the fourth quarter and full year ended December 31, 2025. The company currently focuses on Bitcoin mining as its core business and is advancing the construction of an integrated energy and AI computing platform, leveraging its global presence.
2025 Full Year and Fourth Quarter Financial and Operational Highlights
- Financially, the company achieved total annual revenue of $688.1 million, with fourth-quarter revenue of $179.5 million. Bitcoin mining has become the primary revenue source, contributing $675.5 million for the full year and $172.4 million in the fourth quarter. The annual adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $24.5 million, but due to multiple factors, the fourth quarter saw an adjusted EBITDA of negative $156.3 million.
- Operationally, the company mined a total of 6,594.6 Bitcoins for the year, with a daily average output of approximately 18.07 Bitcoins; in the fourth quarter, it produced 1,718.3 Bitcoins, averaging about 18.68 per day. In terms of costs, the average mining cost per Bitcoin for the full year (excluding miner depreciation) was $79,707, and including all costs, it was $97,272; the corresponding costs for the fourth quarter were $84,552 and $106,251, respectively. As of the end of 2025, the company has cumulatively produced 7,528.4 Bitcoins since entering the mining business.
- Strategically, the company has completed the termination of its ADR (American Depositary Receipt) program and transitioned to a direct listing on the New York Stock Exchange. This move aims to enhance transparency, align with its current strategic direction, and potentially broaden its investor base in the long term.
CEO Paul Yu stated that 2025 marked the beginning of the company's transformation into a Bitcoin mining enterprise. During the year, the company completed a systematic adjustment of its asset structure and established a globally distributed mining network. Additionally, it introduced a new senior management team, further strengthening its professional capabilities and competitive advantages in the digital asset and energy infrastructure sectors. With the completion of the direct listing on the NYSE and the transition to reporting in U.S. dollars, the company is gradually shifting towards becoming a global AI infrastructure provider.
He further noted that entering 2026, the company has begun optimizing its asset-liability structure and improving the efficiency and cost-effectiveness of its mining equipment. Simultaneously, the company is advancing its transition towards AI infrastructure. Through the EcoHash platform, the company plans to leverage its accumulated expertise in scalable computing power and energy networks to offer more flexible and cost-effective AI inference services. Site modifications for this initiative have already commenced, and product development is ongoing.
Michael Zhang, CFO of Cango, said: "In 2025, driven by our scaled Bitcoin mining operations, the company achieved significant revenue growth. However, due to one-time transformation costs and fair value adjustments driven by market factors, the company recorded a net loss of $452.8 million from continuing operations. Financially, we will focus on optimizing the balance sheet by adjusting Bitcoin reserve strategies and enhancing liquidity management to reduce leverage. The company is also actively seeking new capital to strengthen its financial position, ensuring sufficient flexibility to navigate market volatility and continue investing in high-potential areas, including AI infrastructure."
2025 Fourth Quarter Financial Performance
In the fourth quarter of 2025, the company achieved total revenue of $179.5 million. Bitcoin mining revenue accounted for $172.4 million, corresponding to the production of 1,718.3 Bitcoins; international automotive trade revenue was $4.8 million.
During the quarter, the company's total operating costs and expenses were $456 million, primarily due to mining-related expenditures, impairment losses on mining equipment, and losses from fair value changes in Bitcoin-collateralized receivables. These included cost of revenue (excluding depreciation) of $155.3 million, depreciation expenses of $38.1 million, general and administrative expenses of $9.9 million (including about $1.1 million in related-party fees), impairment losses on mining equipment of $81.4 million, and fair value change losses on Bitcoin-collateralized receivables of $171.4 million.
Affected by Bitcoin price fluctuations and other factors, the company reported an operating loss of $276.6 million for the fourth quarter of 2025, compared to an operating loss of $0.7 million in the same period last year. The net loss from continuing operations for the fourth quarter was $285 million, compared to a net profit of $2.4 million in the prior year. Adjusted EBITDA was negative $156.3 million, compared to positive $2.4 million in the same period last year.
2025 Full Year Financial Performance
For the full year of 2025, the company achieved total revenue of $688.1 million, with Bitcoin mining revenue contributing $675.5 million, corresponding to the production of 6,594.6 Bitcoins; international automotive trade revenue was $9.8 million.
Total operating costs and expenses for the year were approximately $1.1 billion. These included cost of revenue (excluding depreciation) of $543.3 million, depreciation expenses of $116.6 million, general and administrative expenses of $28.9 million (including about $1.1 million in related-party fees), impairment losses on mining equipment of $338.3 million, and fair value change losses on Bitcoin-collateralized receivables of $96.5 million.
The full-year operating loss was $437.1 million, and the net loss from continuing operations was $452.8 million, compared to a net profit of $4.8 million in 2024. Excluding share-based compensation expenses and other factors, the non-GAAP adjusted net income for 2025 was $24.5 million, higher than the $5.7 million in 2024.
Asset and Liability Status
As of December 31, 2025, the company's main assets and liabilities were as follows:
- Cash and cash equivalents: $41.2 million
- Bitcoin-collateralized receivables (non-current, related party): $663 million
- Net value of mining equipment: $248.7 million
- Long-term debt from related parties: $557.6 million
The company stated that it sold 4,451 Bitcoins in February 2026 and used the proceeds to repay part of the long-term debt from related parties, aiming to reduce overall leverage and optimize its asset-liability structure.
Share Repurchase Program
Under the share repurchase program announced on March 13, 2025, as of December 31, 2025, the company had repurchased a cumulative total of 890,155 Class A ordinary shares, using approximately $1.2 million in cash.
