Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results
Cango Inc. (NYSE: CANG) reported its Q2 2025 financial results, marking its first full quarter after strategic transformation into Bitcoin mining. The company achieved total revenues of RMB1.0 billion (US$139.8 million), with Bitcoin mining contributing RMB989.4 million. Cango mined 1,404.4 Bitcoins during Q2 at an average cost of US$83,091 per Bitcoin.
The quarter saw significant developments including reaching 50 EH/s total mining capacity through an 18 EH/s acquisition and completing a US$352 million divestiture of China-based assets. Despite posting a net loss due to one-off charges and non-cash impairment losses, the company achieved an adjusted EBITDA of RMB710.1 million (US$99.1 million). Cango also acquired a 50 MW mining facility in Georgia, USA, advancing its infrastructure strategy.
Cango Inc. (NYSE: CANG) ha reso noti i risultati finanziari del secondo trimestre 2025, il primo trimestre completo dopo la sua trasformazione strategica nel mining di Bitcoin. La società ha registrato ricavi totali per RMB1,0 miliardo (US$139,8 milioni), di cui il mining di Bitcoin ha contribuito con RMB989,4 milioni. Nel trimestre Cango ha estratto 1.404,4 Bitcoin a un costo medio di US$83.091 per Bitcoin.
Il trimestre ha visto sviluppi rilevanti, tra cui il raggiungimento di una capacità mineraria totale di 50 EH/s tramite un’acquisizione da 18 EH/s e il completamento di una cessione di attività in Cina per US$352 milioni. Nonostante la registrazione di una perdita netta dovuta a oneri straordinari e svalutazioni non monetarie, la società ha conseguito un EBITDA rettificato di RMB710,1 milioni (US$99,1 milioni). Cango ha inoltre acquisito un impianto minerario da 50 MW in Georgia, USA, potenziando la sua strategia infrastrutturale.
Cango Inc. (NYSE: CANG) presentó sus resultados financieros del segundo trimestre de 2025, su primer trimestre completo tras la transformación estratégica hacia la minería de Bitcoin. La compañía alcanzó ingresos totales de RMB1.0 mil millones (US$139.8 millones), de los cuales la minería de Bitcoin aportó RMB989.4 millones. En el trimestre Cango minó 1,404.4 Bitcoins a un coste medio de US$83,091 por Bitcoin.
El trimestre incluyó avances significativos, como alcanzar una capacidad minera total de 50 EH/s mediante una adquisición de 18 EH/s y completar una venta de activos en China por US$352 millones. A pesar de registrar una pérdida neta por cargos puntuales y pérdidas por deterioro no monetarias, la compañía logró un EBITDA ajustado de RMB710.1 millones (US$99.1 millones). Además, Cango adquirió una planta minera de 50 MW en Georgia, EE. UU., fortaleciendo su estrategia de infraestructuras.
Cango Inc. (NYSE: CANG)는 비트코인 채굴로의 전략적 전환 이후 첫 전체 분기인 2025년 2분기 실적을 발표했습니다. 회사는 총매출 RMB10억(미화 1억3,980만 달러)을 기록했으며, 이 중 비트코인 채굴이 RMB9억8,940만을 기여했습니다. 2분기 동안 Cango는 1,404.4 비트코인을 채굴했으며 비트코인당 평균 비용은 미화 83,091달러였습니다.
해당 분기에는 18 EH/s 인수로 총 채굴 용량 50 EH/s를 달성하고, 중국 기반 자산을 미화 3억5,200만 달러에 매각하는 등 주요 진전이 있었습니다. 일회성 비용 및 비현금성 손상으로 순손실을 기록했지만, 회사는 조정 EBITDA RMB7억101만(미화 9,910만 달러)을 달성했습니다. 또한 Cango는 미국 조지아주에 50MW 채굴 시설을 인수해 인프라 전략을 확대했습니다.
Cango Inc. (NYSE: CANG) a publié ses résultats financiers du deuxième trimestre 2025, son premier trimestre complet après sa transformation stratégique vers le minage de Bitcoin. La société a réalisé des revenus totaux de RMB1,0 milliard (139,8 M$), le minage de Bitcoin contribuant pour RMB989,4 millions. Au cours du trimestre, Cango a miné 1 404,4 Bitcoins à un coût moyen de 83 091 $ par Bitcoin.
Le trimestre a été marqué par des avancées importantes, notamment l’atteinte d’une capacité minière totale de 50 EH/s via une acquisition de 18 EH/s et la finalisation d’une cession d’actifs basés en Chine pour 352 M$. Malgré une perte nette due à des charges exceptionnelles et des dépréciations non monétaires, la société a dégagé un EBITDA ajusté de RMB710,1 millions (99,1 M$). Cango a également acquis une installation de minage de 50 MW en Géorgie, aux États-Unis, renforçant sa stratégie d’infrastructure.
Cango Inc. (NYSE: CANG) hat seine Finanzergebnisse für das zweite Quartal 2025 veröffentlicht – das erste volle Quartal nach der strategischen Umstellung auf Bitcoin-Mining. Das Unternehmen erzielte Gesamtumsätze von RMB1,0 Milliarde (US$139,8 Millionen), wobei das Bitcoin-Mining RMB989,4 Millionen beisteuerte. Im Quartal förderte Cango 1.404,4 Bitcoins zu durchschnittlichen Kosten von US$83.091 pro Bitcoin.
Es gab bedeutende Entwicklungen, darunter die Erreichung einer gesamten Mining-Kapazität von 50 EH/s durch eine Übernahme von 18 EH/s sowie der Abschluss einer Veräußerung von in China ansässigen Vermögenswerten für US$352 Millionen. Trotz eines Nettoverlusts aufgrund einmaliger Belastungen und nicht zahlungswirksamer Wertminderungen erzielte das Unternehmen ein bereinigtes EBITDA von RMB710,1 Millionen (US$99,1 Millionen). Zudem erwarb Cango eine 50-MW-Mining-Anlage in Georgia, USA, und stärkte damit seine Infrastrukturstrategie.
- Bitcoin mining capacity significantly expanded to 50 EH/s through 18 EH/s acquisition
- Strong revenue of RMB989.4 million from Bitcoin mining operations
- Successful divestiture of China assets for US$352 million, strengthening liquidity
- 44% increase in Bitcoin production in July compared to June
- Strategic acquisition of 50 MW mining facility in Georgia for operational expansion
- Net loss of RMB2.1 billion in Q2 2025 compared to net income of RMB86.0 million in Q2 2024
- High Bitcoin mining costs at US$98,636 per Bitcoin (all-in costs)
- Significant non-cash impairment loss of RMB1.8 billion from mining machines
- RMB591.6 million loss from discontinued operations due to China business divestiture
Insights
Cango's strategic pivot to Bitcoin mining shows progress with 50 EH/s capacity, though financial results reflect transition costs.
Cango's Q2 2025 results paint a picture of a company in mid-transformation. The firm has rapidly established itself as a significant Bitcoin mining player with 50 EH/s of mining capacity, including a substantial 18 EH/s acquisition in June. Their asset-light strategy allows faster scaling with lower capital requirements compared to vertically integrated competitors, though at higher operational costs per Bitcoin.
Looking at the financials, total revenue reached
However, the bottom line shows significant red ink, with a net loss primarily due to two factors: a one-time
Stripping away these one-time items reveals adjusted EBITDA of
Their three-phase strategic roadmap indicates a thoughtful approach to evolving beyond pure Bitcoin mining into a dynamic platform integrating high-performance computing with energy infrastructure. The shift to reporting in USD next quarter reflects their transformation into a global operation no longer centered in China.
Second Quarter 2025 Financial and Operational Highlights
- As of June 30, 2025, the company's total mining capacity reached 50 EH/s, primarily driven by the acquisition of 18 EH/s in June 2025. Furthermore, in May, Cango successfully completed the divestiture of its
China -based assets forUS , generating substantial cash proceeds and providing ample liquidity to support ongoing strategic initiatives.$352 million - Total revenues were
RMB1.0 billion (US ) in the second quarter of 2025, with the Bitcoin mining business generating revenue of$139.8 million RMB 989.4 million (US ).$138.1 million - Adjusted EBITDA was
RMB710.1 million (US ) in the second quarter of 2025.$99.1 million - A total of 1,404.4 Bitcoins were mined during the second quarter of 2025. Average cost to mine, excluding depreciation of mining machines, was US
$83,091 per Bitcoin, with all-in costs ofUS per Bitcoin. As of the end of June 2025, the Company had mined 3,879.2 Bitcoins since entering the Bitcoin mining industry.$98,636 - The net loss for the period was mainly attributable to the one-off loss on discontinued operations and the non-cash impairment loss from mining equipment contracted last November and settled via equity in June of this year—triggered by the significant appreciation in Cango's share price between signing and delivery. These charges are both tied to the Company's strategic steps rather than operational underperformance. Excluding the impairment and the one-off loss from discontinued operations, adjusted EBITDA stood at
RMB710.1 million (US ) in the second quarter of 2025, demonstrating the underlying strength and profitability of our core Bitcoin mining business.$99.1 million
Mr. Paul Yu, Chief Executive Officer of Cango, said, "The second quarter of 2025 marks a significant milestone as we report our first full quarter following our strategic transformation. In just nine months, we have successfully established ourselves as one of the largest Bitcoin miners in the world with a strong foundation to scale our operations going forward. This rapid growth is being fueled by our asset-light strategy, which enables us to acquire plug-and-play mining rigs with minimal upfront capital, allowing us to scale more quickly and cost-effectively than vertically integrated competitors. While this approach incurs relatively higher cash costs per Bitcoin, our substantially lower depreciation expenses keep all-in costs competitive, ensuring strong capital efficiency, resilience through market cycles, and a geographically diversified footprint that mitigates risks and sustains an industry-leading performance."
"Our recent acquisition of 18 EH/s increased our total mining capacity to 50 EH/s by quarter-end, contributing to a
Mr. Michael Zhang, Chief Financial Officer of Cango, stated, "We generated total revenue of
Second Quarter 2025 Financial Results from Continuing Operations
REVENUES
Total revenues were
OPERATING COSTS AND EXPENSES
Total operating costs and expenses in the second quarter of 2025 were
- Cost of revenue (exclusive of depreciation and amortization shown below) in the second quarter of 2025 was
RMB836.9 million (US ).$116.8 million - Cost of revenue (depreciation and amortization) in the second quarter of 2025 was
RMB156.4 million (US ).$21.8 million - General and administrative expenses in the second quarter of 2025 were
RMB21.7 million (US ), compared with$3.0 million RMB13.0 million in the same period of 2024. - Impairment loss from mining machines in the second quarter of 2025 was
RMB1.8 billion (US ). This non-cash impairment loss primarily resulted from the pricing of the 18 EH/s of mining machines acquired through a share-settled transaction entered in November 2024. By the time the mining machines were delivered in June 2025, the Company's share price had nearly doubled, which triggered a non-cash accounting adjustment in accordance with applicable accounting standards.$256.9million - The loss from discontinued operations in the second quarter of 2025 was
RMB591.6 million (US ) and there were income tax expenses of$82.6 million RMB233.9 million (US ) being recognized due to the PRC withholding tax on the indirect transfer of the Company's PRC assets. These loss and expenses resulted from the divestiture of the Company's$32.6 million China -based business.
LOSS FROM OPERATIONS
Loss from operations in the second quarter of 2025 was
NET LOSS
Net loss in the second quarter of 2025 was
ADJUSTED EBITDA
Adjusted EBITDA in the second quarter of 2025 was
BALANCE SHEET
As of June 30, 2025, the Company had cash and cash equivalents of
Roadmap Forward
Over the long-term, Cango is laying a clear and purposeful roadmap to develop a dynamic platform that intelligently integrates Bitcoin mining and HPC applications with dedicated energy infrastructure to create lasting value for shareholders and drive further growth. The Company's approach will follow a three-phase roadmap:
- Near term: Optimize its 50 EH/s mining capacity by implementing efficiency upgrades and replicating the low-cost operational model of its
Georgia mining facility in other favorable power markets. - Medium term: Develop energy and HPC expertise by piloting renewable energy storage projects aimed at achieving near-zero-cost mining while simultaneously retrofitting select facilities for HPC applications.
- Long term: Build a dynamic computing platform that intelligently allocates energy capacity between Bitcoin mining and AI workloads, integrating Bitcoin mining, HPC services, and green-energy trading into a synergistic revenue model.
Reporting Currency
The Company intends to change the reporting currency of its consolidated financial statements from Renminbi to
Conference Call Information
The Company's management will hold a conference call on Thursday, September 4, 2025, at 9:00 PM Eastern Time or Friday, September 5, 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 September 11, 2025, by dialing the following numbers:
International: | +1-412-317-0088 |
United States Toll Free: | +1-877-344-7529 |
Access Code: | 5441205 |
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 primarily engaged in the Bitcoin mining business, with operations strategically deployed across
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
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
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 "Roadmap Forward" section and 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; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; 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: ir@cangoonline.com
CANGO INC. | |||||||
As of December 31, 2024 | As of June 30, 2025 | ||||||
RMB | RMB | US$ | |||||
ASSETS: | |||||||
Current assets: | |||||||
Cash and cash equivalents | 660,085,857 | 843,819,740 | 117,792,694 | ||||
Short-term investments, net | 292,347,551 | - | - | ||||
Accounts receivable, net | 12,060,219 | 15,711,379 | 2,193,224 | ||||
Prepayments and other current assets, net | 196,889,566 | 1,620,209,764 | 226,172,562 | ||||
Receivable for bitcoin collateral, net | 617,057,765 | 2,985,308,650 | 416,733,018 | ||||
Current assets of discontinued operations | 1,679,666,755 | - | - | ||||
Total current assets | 3,458,107,713 | 5,465,049,533 | 762,891,498 | ||||
Non-current assets: | |||||||
Mining machines, net | 1,772,319,041 | 2,563,914,216 | 357,908,624 | ||||
Property and equipment, net | 477,815 | - | - | ||||
Deferred tax assets | - | 16,255,457 | 2,269,174 | ||||
Operating lease right-of-use assets, net | 1,345,851 | - | - | ||||
Other non-current assets, net | 325,704,996 | - | - | ||||
Non-current assets of discontinued operations | 411,368,143 | - | - | ||||
Total non-current assets | 2,511,215,846 | 2,580,169,673 | 360,177,798 | ||||
TOTAL ASSETS | 5,969,323,559 | 8,045,219,206 | 1,123,069,296 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Short-term debts | 124,584,293 | 1,613,271,396 | 225,204,003 | ||||
Accrued expenses and other current liabilities | 1,248,130,533 | 1,173,156,960 | 163,766,397 | ||||
Income tax payable | 311,113,135 | 552,982,663 | 77,193,403 | ||||
Short-term lease liabilities | 1,315,594 | - | - | ||||
Current liabilities of discontinued operations | 149,762,415 | - | - | ||||
Total current liabilities | 1,834,905,970 | 3,339,411,019 | 466,163,803 | ||||
Non-current liabilities: | |||||||
Deferred tax liability | 7 | 7 | 1 | ||||
Non-current liabilities of discontinued operations | 47,787,710 | - | - | ||||
Total non-current liabilities | 47,787,717 | 7 | 1 | ||||
Total liabilities | 1,882,693,687 | 3,339,411,026 | 466,163,804 | ||||
Shareholders' equity | |||||||
Ordinary shares | 199,087 | 304,281 | 42,476 | ||||
Treasury shares | (756,517,941) | (749,276,642) | (104,594,986) | ||||
Additional paid-in capital | 4,725,877,432 | 7,696,097,026 | 1,074,333,719 | ||||
Accumulated other comprehensive income | 152,882,024 | 117,861,429 | 16,452,821 | ||||
Accumulated deficit | (35,810,730) | (2,359,177,914) | (329,328,538) | ||||
Total Cango Inc.'s equity | 4,086,629,872 | 4,705,808,180 | 656,905,492 | ||||
Total shareholders' equity | 4,086,629,872 | 4,705,808,180 | 656,905,492 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,969,323,559 | 8,045,219,206 | 1,123,069,296 | ||||
CANGO INC. | ||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues | - | 1,001,766,873 | 139,841,263 | - | 2,048,104,666 | 285,904,387 | ||||||
Bitcoin mining income | - | 989,399,199 | 138,114,802 | - | 2,035,666,196 | 284,168,043 | ||||||
Automobile trading income | - | 12,367,674 | 1,726,461 | - | 12,438,470 | 1,736,344 | ||||||
Operating cost and expenses: | ||||||||||||
Cost of revenue (exclusive of depreciation and amortization shown below) | - | 836,897,438 | 116,826,378 | - | 1,627,653,840 | 227,211,715 | ||||||
Cost of revenue (depreciation and amortization) | - | 156,393,116 | 21,831,637 | - | 311,337,321 | 43,461,014 | ||||||
General and administrative | 13,040,649 | 21,674,695 | 3,025,671 | 23,244,716 | 94,320,210 | 13,166,594 | ||||||
Provision for credit losses | - | 6,565,218 | 916,469 | - | 8,664,078 | 1,209,459 | ||||||
Impairment loss from mining machines | - | 1,840,017,728 | 256,856,570 | - | 1,840,017,728 | 256,856,570 | ||||||
Gain from changes in fair value of receivable for bitcoin collateral | - | (567,233,297) | (79,182,715) | - | (372,275,298) | (51,967,628) | ||||||
Total operation cost and expense | 13,040,649 | 2,294,314,898 | 320,274,010 | 23,244,716 | 3,509,717,879 | 489,937,724 | ||||||
Loss from operations | (13,040,649) | (1,292,548,025) | (180,432,747) | (23,244,716) | (1,461,613,213) | (204,033,337) | ||||||
Interest Income | 15,017,695 | 4,999,962 | 697,968 | 30,956,541 | 7,152,431 | 998,441 | ||||||
Interest expense | - | (14,713,673) | (2,053,950) | - | (24,231,454) | (3,382,581) | ||||||
Foreign exchange (loss) gain, net | - | 141,228 | 19,715 | - | (59,316) | (8,280) | ||||||
Other income | 603,331 | 822,943 | 114,878 | 1,202,398 | 1,642,357 | 229,264 | ||||||
Other expenses | - | (567,798) | (79,262) | - | (567,798) | (79,262) | ||||||
Net (loss) income before income taxes | 2,580,377 | (1,301,865,363) | (181,733,398) | 8,914,223 | (1,477,676,993) | (206,275,755) | ||||||
Income tax benefit | 11,326,299 | 1,581,090 | - | 8,197,331 | 1,144,303 | |||||||
Net (loss) income from continuing operations | 2,580,377 | (1,290,539,064) | (180,152,308) | 8,914,223 | (1,469,479,662) | (205,131,452) | ||||||
Discontinued operations: | ||||||||||||
Income/(Loss) from discontinued operations | 75,791,431 | (591,602,705) | (82,584,553) | 171,525,971 | (620,017,630) | (86,551,124) | ||||||
Income tax benefit (expense) | 7,651,029 | (233,869,892) | (32,646,978) | (4,390,571) | (233,869,892) | (32,646,978) | ||||||
Net income/(Loss) from discontinued operations | 83,442,460 | (825,472,597) | (115,231,531) | 167,135,400 | (853,887,522) | (119,198,102) | ||||||
Net (loss) income attributable to Cango Inc.'s shareholders | 86,022,837 | (2,116,011,661) | (295,383,839) | 176,049,623 | (2,323,367,184) | (324,329,554) | ||||||
(Losses) earnings per ADS attributable to ordinary shareholders: | ||||||||||||
Basic | ||||||||||||
Discontinued operations | 0.81 | (7.71) | (1.08) | 1.59 | (8.10) | (1.13) | ||||||
Continuing operations | 0.02 | (12.06) | (1.68) | 0.09 | (13.94) | (1.95) | ||||||
Basic | 0.83 | (19.77) | (2.76) | 1.68 | (22.04) | (3.08) | ||||||
Diluted | ||||||||||||
Discontinued operations | 0.74 | (7.71) | (1.08) | 1.48 | (8.10) | (1.13) | ||||||
Continuing operations | 0.02 | (12.06) | (1.68) | 0.08 | (13.94) | (1.95) | ||||||
Diluted | 0.76 | (19.77) | (2.76) | 1.56 | (22.04) | (3.08) | ||||||
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders: | ||||||||||||
Basic | 104,041,560 | 107,044,846 | 107,044,846 | 104,781,289 | 105,422,976 | 105,422,976 | ||||||
Diluted | 113,656,131 | 107,044,846 | 107,044,846 | 112,790,662 | 105,422,976 | 105,422,976 | ||||||
Other comprehensive income, net of tax | ||||||||||||
Foreign currency translation adjustment | 7,832,817 | 3,289,342 | 459,174 | 28,727,745 | (35,020,595) | (4,888,687) | ||||||
Total comprehensive (loss) income | 93,855,654 | (2,112,722,319) | (294,924,665) | 204,777,368 | (2,358,387,779) | (329,218,241) | ||||||
Total comprehensive (loss) income attributable to Cango Inc.'s shareholders | 93,855,654 | (2,112,722,319) | (294,924,665) | 204,777,368 | (2,358,387,779) | (329,218,241) | ||||||
CANGO INC. | ||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||
2024 | 2025 | 2024 | 2025 | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||
Net (loss) income | 86,022,837 | (2,116,011,661) | (295,383,839) | 176,049,623 | (2,323,367,184) | (324,329,554) | ||||
Less: Discontinued operations: | ||||||||||
Income/(Loss) from discontinued operations | 75,791,431 | (591,602,705) | (82,584,553) | 171,525,971 | (620,017,630) | (86,551,124) | ||||
Income tax benefit (expense) | 7,651,029 | (233,869,892) | (32,646,978) | (4,390,571) | (233,869,892) | (32,646,978) | ||||
Net income/(Loss) from discontinued operations | 83,442,460 | (825,472,597) | (115,231,531) | 167,135,400 | (853,887,522) | (119,198,102) | ||||
Net (loss) income from continuing operations | 2,580,377 | (1,290,539,064) | (180,152,308) | 8,914,223 | (1,469,479,662) | (205,131,452) | ||||
Add: Interest expense | - | 14,713,673 | 2,053,950 | - | 24,231,454 | 3,382,581 | ||||
Add: Income tax benefit | - | (11,326,299) | (1,581,090) | - | (8,197,331) | (1,144,303) | ||||
Add: Depreciation and amortization | 2,419 | 156,405,608 | 21,833,381 | 4,521 | 311,387,238 | 43,467,982 | ||||
Cost of revenue | - | 156,393,116 | 21,831,637 | - | 311,337,321 | 43,461,014 | ||||
General and administrative | 2,419 | 12,492 | 1,744 | 4,521 | 49,917 | 6,968 | ||||
Add: Impairment loss from mining machines | - | 1,840,017,728 | 256,856,570 | - | 1,840,017,728 | 256,856,570 | ||||
Add: Other expenses | - | 567,798 | 79,262 | - | 567,798 | 79,262 | ||||
Less: Other income | 603,331 | 822,943 | 114,878 | 1,202,398 | 1,642,357 | 229,264 | ||||
Add: Share-based compensation expenses | 3,382,804 | 1,084,118 | 151,337 | 7,799,176 | 26,867,560 | 3,750,567 | ||||
General and administrative | 3,382,804 | 1,084,118 | 151,337 | 7,799,176 | 26,867,560 | 3,750,567 | ||||
Non-GAAP adjusted EBITDA | 5,362,269 | 710,100,619 | 99,126,224 | 15,515,522 | 723,752,428 | 101,031,943 | ||||
Non-GAAP adjusted EBITDA attributable to Cango Inc.'s shareholders | 5,362,269 | 710,100,619 | 99,126,224 | 15,515,522 | 723,752,428 | 101,031,943 | ||||
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SOURCE Cango Inc.
FAQ
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