Cango Inc. Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results
Rhea-AI Summary
Cango (NYSE: CANG) reported unaudited 2025 results: total revenue $688.1M and bitcoin-mining revenue of $675.5M. The company mined 6,594.6 BTC in 2025 and recorded a net loss from continuing operations of $452.8M. Adjusted EBITDA for 2025 was $24.5M.
Fourth-quarter 2025 revenue was $179.5M with adjusted EBITDA of -$156.3M; impairment and fair-value losses drove large operating losses. The company completed an NYSE direct listing and is pursuing an AI infrastructure pivot via EcoHash.
Positive
- Total revenue of $688.1 million in 2025
- Bitcoin mined of 6,594.6 BTC in 2025
- Non-GAAP adjusted net income of $24.5 million in 2025
- Share repurchase of 890,155 shares for ~$1.2 million
Negative
- Net loss from continuing operations of $452.8 million in 2025
- Adjusted EBITDA of -$156.3 million in Q4 2025
- Impairment loss on mining machines of $338.3 million in 2025
- Total operating costs of $1.1 billion in 2025
News Market Reaction – CANG
On the day this news was published, CANG declined 16.67%, reflecting a significant negative market reaction. Argus tracked a peak move of +12.6% during that session. Argus tracked a trough of -16.5% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $55M from the company's valuation, bringing the market cap to $274M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CANG was up 5% while only one momentum peer, CNCK, showed upside (+3.31%). Other crypto/financial peers in the watchlist were mixed, indicating a stock-specific move into the print rather than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 02 | Q3 2025 earnings | Positive | -9.7% | Strong Q3 revenue and profitability from bitcoin mining with higher hashrate. |
| Dec 01 | Q3 2025 earnings | Positive | -9.7% | Detailed Q3 metrics showing high revenues, income, and efficient mining costs. |
| Sep 04 | Q2 2025 earnings | Positive | +6.5% | First full mining quarter with strong revenue, capacity build-out, and positive EBITDA. |
| May 14 | Q1 2025 earnings | Neutral | -7.0% | Initial mining-driven revenue surge but accompanied by a net loss vs prior profit. |
| Mar 06 | FY 2024 earnings | Positive | +2.1% | Strong Q4 and FY 2024 growth with profitable bitcoin mining ramp and cash balance. |
Earnings releases often produced sharp single-day moves, with several strong fundamental quarters (high revenues and profitability) still seeing negative reactions, and only one recent quarter showing a clearly positive price response.
Over the past year, Cango’s quarterly and annual results have tracked its transformation into a Bitcoin miner and AI-leaning infrastructure play. Earlier quarters showed rapid revenue ramp and improving profitability, including positive operating income and adjusted EBITDA, with detailed disclosures on hashrate, cost per BTC, and balance sheet strength. Despite this, share-price reactions to earnings were frequently negative. Today’s full-year 2025 results extend that narrative with large-scale mining economics, higher costs, and a sharp swing to losses, framing a more challenging phase of the transition.
Historical Comparison
Across the last 5 earnings-related releases, CANG’s average move was -3.54%, showing that earnings days have often been volatile and skewed negative compared with the pre-report gain.
Earnings releases trace Cango’s evolution from initial Bitcoin mining in late 2024 through scaling hashrate, rising BTC production, and shifting from strong early profitability to more recent pressure from costs and impairments.
Regulatory & Risk Context
An effective F-3 shelf filed on Dec 17, 2025 allows Cango to offer up to US$500,000,000 in Class A shares, debt, warrants, or units via future supplements, providing flexibility to raise capital that could affect existing holders through additional issuance.
Market Pulse Summary
The stock dropped -16.7% in the session following this news. A negative reaction despite sizable US$688.1M 2025 revenue would fit past patterns, where earnings averaged a -3.54% move. The sharp US$452.8M net loss, high all-in mining costs of US$97,272 per Bitcoin, and sizeable related-party debt may reinforce concerns. With a US$500M F-3 shelf in place and recent equity financings, fears around further dilution could also weigh on sentiment, particularly if markets focus on balance sheet repair over growth.
Key Terms
adjusted EBITDA financial
impairment loss financial
fair value financial
bitcoin collateral financial
ADR program regulatory
direct listing regulatory
non-GAAP financial
AI-generated analysis. Not financial advice.
Full year and Fourth Quarter of 2025 Financial and Operational Highlights
- Financial Performance: Total revenues were
$688.1 million US in the fourth quarter). Revenue from the bitcoin mining business was$179.5 million US for the year ($675.5 million US in the fourth quarter). Adjusted EBITDA for the full year was$172.4 million US , while the fourth quarter recorded an adjusted EBITDA of$24.5 million US .$-156.3 million - Mining Operations and Costs: A total of 6,594.6 Bitcoins were mined over the year, averaging 18.07 Bitcoins per day, of which 1,718.3 Bitcoins were mined in the fourth quarter (averaging 18.68 Bitcoins per day). For the full year, the average cost to mine, excluding depreciation of mining machines, was
US per Bitcoin ($79,707 US per Bitcoin in the fourth quarter), with all-in costs of$84,552 US per Bitcoin ($97,272 US per Bitcoin in the fourth quarter). As of the end of December 2025, the Company had mined 7,528.4 Bitcoins since entering the bitcoin mining industry.$106,251 - Strategic Milestone: The Company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to enhance its corporate transparency, and align with its strategic focus, potentially broadening its investor base over time.
Mr. Paul Yu, Chief Executive Officer of Cango, said, "2025 marked our inaugural year as a Bitcoin miner, defined by swift execution. We initiated a comprehensive asset restructuring and successfully established a globally distributed mining footprint. Furthermore, we appointed a new senior management team, bolstering our expertise and competitive edge in digital-assets and energy infrastructure. The completion of our direct NYSE listing and shift to
"Entering 2026, we proactively strengthened our balance sheet and optimized our mining fleet to enhance efficiency and cost resilience. Concurrently, we are advancing our pivot to become an AI infrastructure provider. Through EcoHash, we are leveraging our core expertise in scalable computing and energy networks to deliver flexible, cost-effective AI inference solutions. With initial site retrofits underway and products in development, we are well positioned to execute with focus and strategic discipline in the new era."
Mr. Michael Zhang, Chief Financial Officer of Cango, stated, "In 2025, we delivered significant revenue growth, driven by our scaled Bitcoin mining operations. We recorded a net loss from continuing operations of
Fourth Quarter 2025 Financial Results from Continuing Operations
REVENUES
Total revenues were
OPERATING COSTS AND EXPENSES
Total operating costs and expenses in the fourth quarter of 2025 were
- Cost of revenue (exclusive of depreciation shown below) in the fourth quarter of 2025 was
US .$155.3 million - Cost of revenue (depreciation) in the fourth quarter of 2025 was
US .$38.1 million - General and administrative expenses in the fourth quarter of 2025 were
US , including$9.9 million US attributable to related parties.$1.1 million - Impairment loss from mining machines in the fourth quarter of 2025 was
US .$81.4 million - Loss from changes in fair value of receivable for bitcoin collateral in the fourth quarter of 2025 was
US .$171.4 million
LOSS FROM OPERATIONS
Loss from operations in the fourth quarter of 2025 was
NET LOSS FROM CONTINUING OPERATIONS
Net loss from continuing operations in the fourth quarter of 2025 was
ADJUSTED EBITDA
Adjusted EBITDA in the fourth quarter of 2025 was
Full Year 2025 Financial Results from Continuing Operations
REVENUES
Total revenues in 2025 were
OPERATING COST AND EXPENSES
Total operating cost and expenses in 2025 were
- Cost of revenue (exclusive of depreciation shown below) in 2025 was
US .$543.3 million - Cost of revenue (depreciation) in 2025 was
US .$116.6 million - General and administrative expenses in 2025 were
US , including$28.9 million US attributable to related parties.$1.1 million - Impairment loss from mining machines in 2025 was
US .$338.3 million - Loss from changes in fair value of receivable for bitcoin collateral in 2025 was
US .$96.5 million
LOSS FROM OPERATIONS
Loss from operations in the full year of 2025 was
NET LOSS (INCOME) FROM CONTINUING OPERATIONS
Net loss from continuing operations in 2025 was
BALANCE SHEET
As of December 31, 2025, the Company held:
- Cash and cash equivalents of
US .$41.2 million - Receivable for bitcoin collateral non-current - related party, of
US .$663.0 million - Mining machines, net of
US .$248.7 million - Long-term debts - related party of
US . The Company paid back part of the long-term debts-related party after the sale of 4,451 Bitcoins in February, 2026, to reduce the overall finance leverage and strengthen the balance sheet.$557.6 million
Share Repurchase Program
Pursuant to the share repurchase program announced on March 13, 2025, the Company had repurchased 890,155 Class A ordinary shares with cash in the aggregate amount of approximately
Conference Call Information
The Company's management will hold a conference call on Monday, March 16, 2026, at 9:00 P.M. Eastern Time or Tuesday, March 17, 2025, at 9:00 A.M Hong Kong Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
International: | +1-412-902-4272 |
United States Toll Free: | +1-888-346-8982 |
Mainland China Toll Free: | 4001-201-203 |
800-905-945 | |
Conference ID: | Cango Inc. |
The replay will be accessible through March 23, 2026, by dialing the following numbers:
International: | +1-412-317-0088 | ||||
United States Toll Free: | + 1-855-669-9658 | ||||
Access Code: | 4284011 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company's mining operations span over 40 sites across
Since entering the digital asset space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.
For more information, please visit: www.cangoonline.com and follow us on: X and LinkedIn.
Use of Non-GAAP Financial Measure
As part of our review of business performance, we present adjusted EBITDA as non-GAAP financial measure to help assess our core operating results. Adjusted EBITDA is defined as net income or loss before interest, taxes, depreciation, and amortization, impairment, results from discontinued operations and further excludes share-based compensation expenses and other non-operating income and expenses. We believe adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments.
While adjusted EBITDA is not a measure defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest
Reconciliations of Cango's non-GAAP financial measure to the most comparable
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Juliet Ye, Head of Communications
Cango Inc.
Email: ir@cangoonline.com
Christensen Advisory
Tel: +852 2117 0861
Email: cango@christensencomms.com
CANGO INC. | ||||||
As of December 31, 2024 | As of December 31, 2025 | |||||
US$ | US$ | |||||
ASSETS: | ||||||
Current assets: | ||||||
Cash and cash equivalents | 90,431,392 | 41,243,627 | ||||
Short-term investments, net | 40,051,450 | - | ||||
Crypto currencies | - | 42,545 | ||||
Accounts receivable, net | 1,645,518 | 1,661,702 | ||||
Accounts receivable, net - related party | - | 1,064,440 | ||||
Prepayments and other current assets, net | 26,966,209 | 6,835,599 | ||||
Prepayments and other current assets, net - related parties | - | 74,270,770 | ||||
Receivable for bitcoin collateral, net - current - related party | 84,536,567 | - | ||||
Current assets of discontinued operations | 230,113,402 | - | ||||
Total current assets | 473,744,538 | 125,118,683 | ||||
Non-current assets: | ||||||
Mining machines, net | 242,806,713 | 248,745,505 | ||||
Property, plant, and equipment, net | 65,460 | 18,797,925 | ||||
Intangible assets, net | - | 292,836 | ||||
Operating lease right-of-use assets, net | 184,381 | 2,079,937 | ||||
Receivable for bitcoin collateral - non current - related party | - | 662,968,814 | ||||
Other non-current assets, net | 44,621,402 | 68,025,983 | ||||
Other non-current assets, net - related party | - | 6,955,650 | ||||
Non-current assets of discontinued operations | 56,357,205 | - | ||||
Total non-current assets | 344,035,161 | 1,007,866,650 | ||||
TOTAL ASSETS | 817,779,699 | 1,132,985,333 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debts - related party | 17,067,978 | - | ||||
Accrued expenses and other current liabilities | 170,926,879 | 82,329,075 | ||||
Accrued expenses and other current liabilities - related parties | 63,640 | 5,025,566 | ||||
Income tax payable | 48,609,811 | 88,792,503 | ||||
Short-term lease liabilities | 180,236 | 573,959 | ||||
Current liabilities of discontinued operations | 20,517,367 | - | ||||
Total current liabilities | 257,365,911 | 176,721,103 | ||||
Non-current liabilities: | ||||||
Long-term debts - related party | - | 557,567,671 | ||||
Deferred tax liability | 1 | 1 | ||||
Long-term operating lease liabilities | - | 1,655,272 | ||||
Non-current liabilities of discontinued operations | 6,546,889 | - | ||||
Total non-current liabilities | 6,546,890 | 559,222,944 | ||||
Total liabilities | 263,912,801 | 735,944,047 | ||||
Shareholders' equity | ||||||
Ordinary shares | 29,504 | 44,171 | ||||
Treasury shares | (111,567,030) | (103,424,568) | ||||
Additional paid-in capital | 728,564,614 | 1,135,958,943 | ||||
Accumulated other comprehensive loss | (49,574,973) | - | ||||
Accumulated deficit | (13,585,217) | (635,537,260) | ||||
Total Cango Inc.'s equity | 553,866,898 | 397,041,286 | ||||
Total shareholders' equity | 553,866,898 | 397,041,286 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 817,779,699 | 1,132,985,333 | ||||
CANGO INC. | ||||||||||
For three months ended December 31 | For the years ended | |||||||||
2024 | 2025 | 2024 | 2025 | |||||||
US$ | US$ | US$ | US$ | |||||||
Revenues | 89,908,403 | 179,452,863 | 89,908,403 | 688,079,223 | ||||||
Bitcoin mining income | 89,908,403 | 172,368,355 | 89,908,403 | 675,501,646 | ||||||
International automobile trading income | - | 4,829,588 | - | 9,831,011 | ||||||
Other revenues | - | 758,133 | - | 1,249,779 | ||||||
Other revenues from related parties | - | 1,496,787 | - | 1,496,787 | ||||||
Operating cost and expenses: | ||||||||||
Cost of revenue (exclusive of depreciation shown below) | 63,547,329 | 155,279,150 | 63,547,329 | 543,299,866 | ||||||
Cost of revenue (depreciation) | 11,539,783 | 38,085,617 | 11,539,783 | 116,636,416 | ||||||
General and administrative | 11,381,020 | 8,809,872 | 15,807,334 | 27,818,694 | ||||||
General and administrative - related parties | - | 1,079,422 | - | 1,079,422 | ||||||
Provision for credit losses | 711,224 | (3,876) | 711,224 | 1,677,444 | ||||||
Impairment loss from mining machines | - | 81,423,457 | - | 338,280,027 | ||||||
Gain from changes in fair value of crypto currencies | - | (115,331) | - | (115,331) | ||||||
Loss from changes in fair value of receivable for bitcoin collateral | 3,417,442 | 171,448,074 | 3,417,442 | 96,498,438 | ||||||
Total operation cost and expense | 90,596,798 | 456,006,385 | 95,023,112 | 1,125,174,976 | ||||||
Loss from operations | (688,395) | (276,553,522) | (5,114,709) | (437,095,753) | ||||||
Interest income | 3,092,264 | 53,683 | 9,454,145 | 2,017,566 | ||||||
Interest expense - related party | (93,276) | (9,225,337) | (93,276) | (19,965,534) | ||||||
Foreign exchange loss, net | (125) | (94,798) | (125) | (225,383) | ||||||
Other income | 115,377 | 1,859,739 | 511,292 | 4,065,198 | ||||||
Other expenses | - | (659,966) | (743,405) | |||||||
Net income (loss) before income taxes | 2,425,845 | (284,620,201) | 4,757,327 | (451,947,311) | ||||||
Income tax expenses | - | (390,936) | - | (842,023) | ||||||
Net income (loss) from continuing operations | 2,425,845 | (285,011,137) | 4,757,327 | (452,789,334) | ||||||
Discontinued operations: | ||||||||||
Income (Loss) from discontinued operations | 5,341,780 | - | 37,078,635 | (129,822,040) | ||||||
Income tax expense | (23,556) | (6,693,691) | (183,651) | (39,340,669) | ||||||
Net income (loss) from discontinued operations | 5,318,224 | (6,693,691) | 36,894,984 | (169,162,709) | ||||||
Net income (loss) attributable to Cango Inc.'s shareholders | 7,744,069 | (291,704,828) | 41,652,311 | (621,952,043) | ||||||
Earnings (losses) per ordinary share: | ||||||||||
Basic | ||||||||||
Discontinued operations | 0.03 | (0.02) | 0.18 | (0.60) | ||||||
Continuing operations | 0.01 | (0.80) | 0.02 | (1.60) | ||||||
Basic | 0.04 | (0.82) | 0.20 | (2.20) | ||||||
Diluted | ||||||||||
Discontinued operations | 0.02 | (0.02) | 0.16 | (0.60) | ||||||
Continuing operations | 0.01 | (0.80) | 0.02 | (1.60) | ||||||
Diluted | 0.03 | (0.82) | 0.18 | (2.20) | ||||||
Weighted average shares used to compute earnings (losses) per ordinary share: | ||||||||||
Basic | 206,720,969 | 354,609,443 | 208,197,617 | 283,289,035 | ||||||
Diluted | 232,982,085 | 354,609,443 | 233,032,722 | 283,289,035 | ||||||
Other comprehensive income, net of tax | ||||||||||
Release accumulated other comprehensive loss | - | - | - | 44,270,340 | ||||||
Foreign currency translation adjustment | (16,380,732) | - | (10,708,386) | 5,304,633 | ||||||
Total comprehensive income (loss) | (8,636,663) | (291,704,828) | 30,943,925 | (572,377,070) | ||||||
Total comprehensive income (loss) attributable to Cango Inc.'s shareholders | (8,636,663) | (291,704,828) | 30,943,925 | (572,377,070) | ||||||
CANGO INC. | ||||||||
For three months ended December 31 | For the years ended | |||||||
2024 | 2025 | 2024 | 2025 | |||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
US$ | US$ | US$ | US$ | |||||
Net income (loss) | 7,744,069 | (291,704,828) | 41,652,311 | (621,952,043) | ||||
Less: Discontinued operations: | ||||||||
Income (Loss) from discontinued operations | 5,341,780 | - | 37,078,635 | (129,822,040) | ||||
Income tax expense | (23,556) | (6,693,691) | (183,651) | (39,340,669) | ||||
Net income (loss) from discontinued operations | 5,318,224 | (6,693,691) | 36,894,984 | (169,162,709) | ||||
Net income (loss) from continuing operations | 2,425,845 | (285,011,137) | 4,757,327 | (452,789,334) | ||||
Add: Interest expense | 93,276 | 9,225,337 | - | 19,965,534 | ||||
Add: Income tax expenses | - | 390,936 | - | 842,023 | ||||
Add: Depreciation and amortization | 84 | 37,779,656 | 875 | 116,660,327 | ||||
Cost of revenue | - | 37,765,250 | - | 116,636,416 | ||||
General and administrative | 84 | 14,406 | 875 | 23,911 | ||||
Add: Impairment loss from mining machines | - | 81,423,457 | - | 338,280,027 | ||||
Add: Other expenses | - | 659,966 | - | 743,405 | ||||
Less: Other income | 115,377 | 1,859,739 | 511,292 | 4,065,198 | ||||
Add: Share-based compensation expenses | (37,487) | 1,061,434 | 1,404,008 | 4,881,377 | ||||
General and administrative | (37,487) | 1,061,434 | 1,404,008 | 4,881,377 | ||||
Non-GAAP adjusted EBITDA | 2,366,341 | (156,330,090) | 5,650,918 | 24,518,161 | ||||
Non-GAAP adjusted EBITDA attributable to Cango Inc.'s shareholders | 2,366,341 | (156,330,090) | 5,650,918 | 24,518,161 | ||||
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SOURCE Cango Inc.
FAQ
What were Cango (CANG) full-year 2025 revenues and bitcoin-mining revenue?
Why did Cango (CANG) report a large net loss in 2025?
How many bitcoins did Cango (CANG) mine in Q4 2025 and at what cost?
What is Cango's (CANG) adjusted EBITDA and its Q4 2025 performance?
What strategic changes did Cango (CANG) announce alongside its 2025 results?
