Dallas, Texas, March 16, 2026 - Cango Inc. (NYSE: CANG, hereinafter referred to as "Cango" or the "Company") today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025. As a Bitcoin mining enterprise with a global operational footprint dedicated to building an integrated energy and AI computing platform, Cango is steadily advancing its business transformation and infrastructure development.
2025 Full Year and Fourth Quarter Financial and Operational Highlights
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full year Adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 Bitcoins were mined for the full year, averaging 18.07 per day; 1,718.3 Bitcoins were mined in the fourth quarter, averaging 18.68 per day.
The average mining cost (excluding miner depreciation) for the full year was $79,707 per Bitcoin, and $84,552 in the fourth quarter;
The all-in cost was $97,272 and $106,251 per Bitcoin, respectively.
As of the end of December 2025, the Company has cumulatively produced 7,528.4 Bitcoins since entering the Bitcoin mining business.
• Strategic Progress:
The Company has completed the termination of its ADR (American Depositary Receipt) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, which is expected to broaden the investor base in the long term.
Mr. Paul Yu, Chief Executive Officer of the Company, stated, "2025 was the first full year for the Company as a Bitcoin mining enterprise, characterized overall by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Concurrently, the Company introduced a new management team, further strengthening our capabilities and competitive advantages in the digital asset and energy infrastructure sectors. The completion of the direct listing on the NYSE and USD denomination also marks our transition towards becoming a global AI infrastructure company."
"Entering 2026, the Company will continue to optimize its balance sheet structure and improve operational efficiency and cost resilience through miner portfolio adjustments. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-competitive AI inference solutions. Relevant site modifications and product development are currently underway, and the Company has laid the foundation for continued execution in this new phase."
Mr. Michael Zhang, Chief Financial Officer of the Company, stated, "In 2025, the Company achieved significant revenue growth driven by its scaled mining operations. Net loss from continuing operations was $452.8 million, primarily impacted by one-time transition costs and market-driven fair value adjustments. Financially, the Company will optimize its Bitcoin reserve strategy and liquidity management, reduce leverage levels, and introduce new capital to enhance financial strength, thereby navigating market volatility while seizing investment opportunities in high-potential areas such as AI infrastructure."
Financial Performance of Continuing Operations for Q4 2025
Revenue
Total revenue for the fourth quarter was $179.5 million. Bitcoin mining revenue contributed $172.4 million, with 1,718.3 Bitcoins produced in the quarter. International auto trading business revenue was $4.8 million.
Operating Costs and Expenses
Total operating costs and expenses for the fourth quarter were $456.0 million, primarily attributable to Bitcoin mining-related expenditures, as well as miner impairment losses and fair value changes of Bitcoin-collateralized receivables.
Specifically includes:
· Cost of revenues (excluding depreciation): $155.3 million
· Cost of revenues (depreciation): $38.1 million
· General and administrative expenses: $9.9 million (including $1.1 million from related parties)
· Miner impairment loss: $81.4 million
· Loss on fair value change of Bitcoin-collateralized receivables: $171.4 million
Profitability
Operating loss for the fourth quarter was $276.6 million, significantly wider than the loss of $0.7 million in the same period of 2024, primarily due to the decline in Bitcoin price.
Net loss from continuing operations was $285.0 million, compared to a net income of $2.4 million in the prior year period.
Adjusted EBITDA was -$156.3 million, compared to $2.4 million in the prior year period.
Financial Performance of Continuing Operations for Full Year 2025
Revenue
Total revenue for the full year was $688.1 million. Bitcoin mining revenue was $675.5 million, with 6,594.6 Bitcoins produced for the year. International auto trading business revenue was $9.8 million.
Operating Costs and Expenses
Total operating costs and expenses for the full year were $1.1 billion.
Specifically includes:
· Cost of revenues (excluding depreciation): $543.3 million
· Cost of revenues (depreciation): $116.6 million
· General and administrative expenses: $28.9 million (including $1.1 million from related parties)
· Miner impairment loss: $338.3 million
· Loss on fair value change of Bitcoin-collateralized receivables: $96.5 million
Profitability
Operating loss for the full year was $437.1 million. Net loss from continuing operations was $452.8 million, compared to a net income of $4.8 million in 2024.
Non-GAAP adjusted net income for 2025 was $24.5 million (2024: $5.7 million). This metric excludes share-based compensation expenses; see "Use of Non-GAAP Financial Measures."
Financial Position
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): $663.0 million
· Net book value of miners: $248.7 million
· Long-term debt (related party): $557.6 million
The Company sold 4,451 Bitcoins in February 2026 and repaid a portion of the related party long-term debt to reduce financial leverage and optimize its balance sheet structure.
Share Repurchase
Pursuant to the share repurchase plan disclosed on March 13, 2025, the Company had repurchased an aggregate of 890,155 Class A ordinary shares for a total amount of approximately $1.2 million as of December 31, 2025.
