Cango Inc. Presents Key Highlights of Its Filed Annual Report

Rhea-AI Summary

Cango Inc. (NYSE: CANG) reported remarkable growth in its 2024 annual report, highlighting its successful transformation into a major Bitcoin mining player. The company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, marking a 400% year-over-year increase, primarily driven by Bitcoin mining operations which contributed RMB653.0 million (US$89.5 million).

The company reported a significant turnaround with Q4 net income of RMB55.9 million (US$7.7 million), compared to a previous year's loss. Full-year 2024 revenues reached RMB804.5 million (US$110.2 million) with net income of RMB299.8 million (US$41.1 million).

As the third-largest publicly traded miner globally, Cango deployed 32 EH/s of mining capacity, mining 933.8 Bitcoin in Q4 with an efficiency of 17.81 BTC per EH/s. Operations span five countries, with 90% of its fleet comprising water-cooled Bitmain S19XP Hyd. machines. The company plans to expand to 50 EH/s by July 2025.

Positive

• 400% year-over-year revenue growth to RMB668.0 million in Q4 2024
• Turned net loss into profit with Q4 net income of RMB55.9 million
• Strong liquidity position with RMB2.5 billion in cash and equivalents
• Secured position as third-largest publicly traded Bitcoin miner globally
• High operational efficiency with 17.81 BTC per EH/s mining rate
• Geographic diversification across five countries reduces operational risk

Negative

• High Bitcoin mining costs at US$67,769.9 per Bitcoin
• Heavy concentration (90%) on single machine model poses potential technology risk
• Significant dependency on Bitcoin mining revenue (97.8% of Q4 revenue)

SHANGHAI, March 27, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG), a rapidly expanding leader in Bitcoin mining, today announced key highlights from its filed annual report, marked by a successful pivot towards cryptocurrency mining and significant operational milestones, including securing its position as the third-largest publicly traded miner globally and a 400% year-over-year revenue increase. 

Fourth Quarter & Full Year 2024 Financial Performance

The Company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, reflecting a 400% year-over-year increase. This growth was primarily driven by the launch of its Bitcoin mining business, which generated RMB653.0 million (US$89.5 million) in revenues. Net income for the quarter was RMB55.9 million (US$7.7 million), a notable turnaround from a net loss of RMB103.8 million in Q4 2023. Cango maintained strong liquidity with cash, cash equivalents, and short-term investments totaling RMB2.5 billion (US$345.3 million) as of December 31, 2024. 

For the full year, Cango reported total revenues of RMB804.5 million (US$110.2 million), with net income reaching RMB299.8 million (US$41.1 million), a significant turnaround from a net loss of RMB37.9 million in 2023. The results reflect the successful integration of Bitcoin mining operations alongside ongoing optimization of its legacy automotive services. 

Bitcoin Mining Operational Highlights

Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capacity in Q4 2024, securing its position as the third-largest publicly traded miner globally. During the quarter, the Company mined 933.8 Bitcoin, achieving an industry-leading efficiency of 17.81 BTC per EH/s. Operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of US$67,769.9 per Bitcoin (excluding depreciation). As of December 31, 2024, Cango held a total of 933.8 Bitcoin, aligning with its long-term accumulation strategy. 

Cango's mining operations span five countries, including the United States (38% of total hashrate), East Africa (37%), Oman, Paraguay, and Canada. Approximately 90% of its fleet comprises water-cooled Bitmain S19XP Hyd. machines, ensuring competitive energy efficiency and operational stability. 

Looking ahead, the Company plans to expand its hashrate to 50 EH/s by the end of July 2025 through the completion of its second-phase asset acquisition. Cango aims to further reduce energy costs by leveraging favorable regulatory developments in traditional energy markets and exploring partnerships for sustainable power solutions. Additionally, Cango is committed to enhancing its presence in the digital asset ecosystem while maintaining a disciplined approach to managing its Bitcoin holdings. 

Media Contact

Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

View original content:https://www.prnewswire.com/news-releases/cango-inc-presents-key-highlights-of-its-filed-annual-report-302413093.html

SOURCE Cango Inc.

FAQ

What was Cango's (CANG) revenue growth in Q4 2024?

Cango achieved a 400% year-over-year revenue increase in Q4 2024, reaching RMB668.0 million (US$91.5 million), primarily from Bitcoin mining operations.

How many Bitcoin did CANG mine in Q4 2024?

Cango mined 933.8 Bitcoin in Q4 2024, achieving an efficiency rate of 17.81 BTC per EH/s.

What is CANG's Bitcoin mining capacity expansion target for 2025?

Cango plans to expand its hashrate from 32 EH/s to 50 EH/s by the end of July 2025 through second-phase asset acquisition.

What was CANG's Bitcoin mining operational cost in Q4 2024?

Cango's cash cost per Bitcoin was US$67,769.9 (excluding depreciation), with an average fleet efficiency of 21.6 joules per terahash.

How is CANG's Bitcoin mining operation geographically distributed?

Cango operates in five countries: United States (38% of hashrate), East Africa (37%), and remaining operations in Oman, Paraguay, and Canada.