Cango Inc. Releases Letter to Shareholders

Rhea-AI Summary

Cango (NYSE: CANG) marked one year since pivoting to a Bitcoin mining-focused business on Nov 6, 2025, reporting rapid scale-up and financial results tied to the transformation.

Key highlights: 50 EH/s global platform (32 EH/s acquired Nov 2024; 18 EH/s Jun 2025), divestiture of China assets by May 2025, a 50 MW Georgia facility bought for US$19.5M in Aug 2025, and >90% hashrate efficiency. Financials for Q2 2025 show US$139.8M revenue, US$99.1M adjusted EBITDA, and US$117.8M cash equivalents. Bitcoin holdings reached ~6,400 BTC as of Oct 31, 2025. The company plans a direct NYSE listing on Nov 17, 2025 and outlines phased expansion into energy and AI HPC leveraging its mining infrastructure.

Positive

• Revenue US$139.8M reported in Q2 2025
• Adjusted EBITDA US$99.1M in Q2 2025
• Cash equivalents US$117.8M at Q2 2025
• Scale to 50 EH/s global mining platform by Oct 2025
• Acquired 50 MW facility for US$19.5M in Aug 2025
• Bitcoin holdings ~6,400 BTC as of Oct 31, 2025

Negative

• None.

Insights

Bitcoin mining and energy-HPC strategist

Strong operational pivot: sizable revenue, cash, and rapid hashrate growth underpin a positive strategic reset.

Cango converted to a large-scale Bitcoin mining operator and reported clear financial traction with US$139.8 million revenue, US$99.1 million adjusted EBITDA, and US$117.8 million in cash equivalents for Q2 2025. The company scaled to 50 EH/s by combining acquired capacity and improved hashrate efficiency above 90%, while accumulating over 6,400 BTC by October 31, 2025, all factual metrics that show operational scale and liquidity.

Risks and dependencies include continued access to favorable power contracts, successful integration of owned sites like the 50 MW Georgia facility bought for US$19.5 million, and execution of the planned transition to a direct NYSE listing on November 17, 2025. The firm also signals a strategic pivot toward energy and AI HPC pilots, which are described as phased and disciplined; these plans depend on delivering lower energy costs, higher uptime, and successful capacity refresh of 6 EH/s.

Watch near-term items: the Nov 17, 2025 direct listing, operational performance at the Georgia site, reported uptime and energy-cost metrics, and quarterly updates on Bitcoin holdings. Over a 6–18 month horizon, confirm that reported revenue, adjusted EBITDA, cash, and hashrate trends sustain; these metrics will validate whether the company scales beyond mining toward the stated energy/HPC ambitions.

HONG KONG, Nov. 6, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) today released a letter to shareholders at the one-year milestone of its bold transformation to a robust Bitcoin mining operation. CEO Paul Yu reflected on this milestone, emphasizing Cango's vision to deliver energy-secured HPC services. The journey began in November 2024 with Bitcoin mining as a practical entry point to secure energy access, build operational expertise, and create flexible sites for long-term goals.

In just eight months, Cango scaled to a 50 EH/s global platform by acquiring 32 EH/s of on-rack mining machines in November 2024, followed by 18 EH/s in June 2025. The company divested its China-based assets by May 2025, redirecting resources to its mining operations. A new Board and management team with expertise in digital assets, finance, and energy was onboarded to guide this ambitious transition.

The financial impact was swift. In Q2 2025, Cango reported US$139.8 million in revenue, US$99.1 million in adjusted EBITDA , and US$117.8 million in cash equivalents, driven by an asset-light model focused on operational efficiency. Cango established a new, highly competitive core business, and a scaled global footprint across the U.S., Oman, Ethiopia, and Paraguay.

This year's momentum continued with key milestones. In August 2025, Cango acquired a 50 MW facility in Georgia for US$19.5 million, strengthening operational control and securing better power terms. Hashrate efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL strategy. To enhance capital structure, Cango will transition to a direct NYSE listing on November 17, 2025.

Looking ahead, Paul shared that Cango's Bitcoin mining foundation will fuel a dual-track expansion into energy and HPC. The company plans disciplined, phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH/s of capacity.

"We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. " Paul said. "With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners." 

 View original content: https://ir-image.cangoonline.com/ir-documents/Cango%20Shareholder%20Letter%20202511.pdf

Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/cango-inc-releases-letter-to-shareholders-302606929.html

SOURCE Cango Inc.

FAQ

What did Cango (CANG) report in Q2 2025 revenue and adjusted EBITDA?

Cango reported US$139.8M revenue and US$99.1M adjusted EBITDA for Q2 2025.

How large is Cango's Bitcoin mining capacity as of October 2025 (CANG)?

Cango scaled to a 50 EH/s global platform by October 2025.

How many bitcoins does Cango (CANG) hold and as of what date?

Cango held over 6,400 BTC as of October 31, 2025.

When will Cango (CANG) transition to a direct NYSE listing?

Cango will transition to a direct NYSE listing on November 17, 2025.

What facility did Cango (CANG) acquire to strengthen operations in Aug 2025?

Cango acquired a 50 MW facility in Georgia for US$19.5M in August 2025.

What are Cango's strategic plans after building its Bitcoin mining foundation (CANG)?

Cango plans disciplined pilots into energy and AI HPC, dual-purpose energy infrastructure, and mining optimization including refreshing 6 EH/s capacity.