Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Cango (NYSE: CANG) reported unaudited results for Q3 ended Sept 30, 2025. Total revenues were US$224.6 million, up 60.6% vs Q2 2025; bitcoin mining revenue was US$220.9 million. Operating income was US$43.5 million, net income US$37.3 million, and adjusted EBITDA US$80.1 million. The company mined 1,930.8 BTC in Q3 (avg 21.0 BTC/day), up 37.5% total vs Q2. Average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in Sept and 46.09 EH/s in Oct, with efficiency >90%.

Average cost to mine (ex-depreciation) was US$81,072 per BTC and all-in cost was US$99,383 per BTC. The company has mined 5,810 BTC since entering mining. Cango completed termination of its ADR program and transitioned to a direct NYSE listing while outlining a longer-term focus on a green energy AI compute network with bitcoin mining as an on-ramp.

Positive

• Total revenue US$224.6M (+60.6% vs Q2 2025)
• Bitcoin mining revenue US$220.9M (majority of total revenue)
• Adjusted EBITDA US$80.1M
• Mined 1,930.8 BTC in Q3 (+37.5% vs Q2)
• Average operating hashrate increased to 44.85–46.09 EH/s with >90% efficiency

Negative

• All-in cost to mine US$99,383 per BTC
• Average cost to mine (ex-depreciation) US$81,072 per BTC
• Revenue concentration: bitcoin mining generated US$220.9M of US$224.6M

News Market Reaction

-9.66%

11 alerts

-9.66% News Effect

-15.0% Trough in 3 hr 43 min

-$27M Valuation Impact

$257M Market Cap

0.8x Rel. Volume

On the day this news was published, CANG declined 9.66%, reflecting a notable negative market reaction. Argus tracked a trough of -15.0% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $27M from the company's valuation, bringing the market cap to $257M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total revenue: US$224.6 million Bitcoin mining revenue: US$220.9 million Operating income: US$43.5 million +5 more

8 metrics

Total revenue US$224.6 million Q3 2025, up 60.6% vs Q2 2025

Bitcoin mining revenue US$220.9 million Q3 2025 segment revenue

Operating income US$43.5 million Q3 2025 operating result

Net income US$37.3 million Q3 2025 net profit

Adjusted EBITDA US$80.1 million Q3 2025 adjusted EBITDA

Bitcoin mined 1,930.8 BTC Total BTC mined in Q3 2025

Average cost to mine US$81,072 per BTC Q3 2025, excluding depreciation

All-in cost US$99,383 per BTC Q3 2025 fully loaded cost

Market Reality Check

Price: $1.41 Vol: Volume 706,831 is below 2...

normal vol

$1.41 Last Close

Volume Volume 706,831 is below 20-day average 791,848 (relative 0.89x). normal

Technical Price 1.22 trades below 200-day MA at 4.11, reflecting a longer-term downtrend.

Peers on Argus

Peers show mixed moves: HIVE up 5.5%, SWIN up 3.8%, AMRK up 2.17%, while crypto-...

Peers show mixed moves: HIVE up 5.5%, SWIN up 3.8%, AMRK up 2.17%, while crypto-linked names CNCK and FUFU are down 3.13% and 2.01%, suggesting stock-specific dynamics for CANG.

Historical Context

5 past events · Latest: Dec 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 05	Crypto operations update	Positive	-6.2%	Monthly bitcoin production, hashrate metrics and strategy reiteration.
Dec 02	Q3 2025 earnings	Positive	-9.7%	Strong Q3 revenue, profitability and mining metrics disclosure.
Dec 01	Q3 2025 earnings	Positive	-3.3%	Detailed Q3 financials, costs, balance sheet and hashrate update.
Nov 25	Earnings date notice	Neutral	+0.0%	Announcement of timing and access details for Q3 earnings call.
Nov 17	NYSE direct listing	Positive	-46.9%	Start of Class A trading on NYSE with no new shares issued.

Pattern Detected

Recent positive or strategically important news has often been followed by negative price reactions, indicating a pattern of selling into good news.

Recent Company History

Over the last six months, Cango has transformed into a bitcoin-focused operator, scaling from 32 EH/s in early 2025 to an operating hashrate of about 46.09 EH/s by October 2025. Successive earnings reports show rising bitcoin-related revenues and improving profitability, while corporate actions shifted trading from ADRs to direct NYSE-listed Class A shares with no dilution. Despite this, several positive updates, including today’s Q3 2025 results, were followed by share price declines.

Market Pulse Summary

The stock moved -9.7% in the session following this news. A negative reaction despite solid Q3 2025 ...

Analysis

The stock moved -9.7% in the session following this news. A negative reaction despite solid Q3 2025 profitability would fit a recent pattern where strong bitcoin-mining updates were followed by declines, including moves of -9.66% and -6.2% after prior news. The stock already traded well below its 4.11 200-day MA, and earlier governance shifts and listing structure changes may have kept risk perceptions elevated, making investors quicker to lock in gains after good news.

Key Terms

adjusted EBITDA, hashrate, ADR program, bitcoin mining, +1 more

5 terms

adjusted EBITDA financial

"Adjusted EBITDA for the third quarter of 2025 was US$80.1 million."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

hashrate technical

"Average operating hashrate increased steadily from 40.91 EH/s in July..."

Hashrate is a measure of how quickly a computer network can process and verify transactions, often expressed as the number of calculations it can perform in a second. Think of it like the engine power of a car; the higher the hashrate, the more work the network can do in a given time. For investors, a higher hashrate generally indicates a more secure and robust network, which can influence confidence and the value of related digital assets.

ADR program regulatory

"The Company completed the termination of its ADR program and transitioned..."

An ADR Program is the legal structure between a foreign company and a US depositary bank for issuing American Depositary Receipts. It defines the program level (I, II, III), ADS ratio, fees, and SEC reporting requirements. Levels determine whether shares can list on exchanges or only OTC.

bitcoin mining technical

"Revenue from the bitcoin mining business in the third quarter of 2025..."

Bitcoin mining is the process of using computers to solve complex puzzles that verify and add transactions to Bitcoin’s public ledger; successful miners are rewarded with newly created bitcoins and transaction fees. It matters to investors because mining controls how new coins enter circulation, affects the security and reliability of the network, and creates a business model exposed to electricity costs, hardware investment and the coin’s market price—factors that influence profitability and company valuations.

all-in costs financial

"Average cost to mine...with all-in costs of US$99,383 per BTC."

All-in costs are the total expense of running an operation or producing a product when you add up every recurring and one-time charge — direct materials and labor, overhead, maintenance, taxes, royalties, and any other fees. Think of it like the true cost of owning a car, not just the sticker price but fuel, insurance, repairs and parking; for investors it shows the real profit margin and lets them compare how efficiently different companies or projects turn revenue into cash. Accurate all-in costs help assess sustainability, pricing pressure and long-term returns.

AI-generated analysis. Not financial advice.

DALLAS, Dec. 2, 2025 /PRNewswire/ -- On December 1, Cango Inc. (NYSE: CANG) ("Cango" or the "Company") announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial and Operational Highlights

• Total revenues were US$224.6 million in the third quarter of 2025, an increase of 60.6% compared with the second quarter of 2025. Revenue from the bitcoin mining business in the third quarter of 2025 was US$220.9 million.
• Operating income was US$43.5 million and net income was US$37.3 million over the period. Adjusted EBITDA for the third quarter of 2025 was US$80.1 million.
• Average operating hashrate increased steadily from 40.91 EH/s in July to 44.85 EH/s in September and further improved to 46.09 EH/s in October, with efficiency surpassing 90%. This was primarily due to mining facility relocations, operational enhancements and miner hardware upgrades.
• A total of 1,930.8 BTC was mined over the third quarter, averaging 21.0 BTC per day, up 37.5% in total output and 36.0% in daily production compared with the second quarter of 2025. Average cost to mine, excluding depreciation of mining machines, was US$81,072 per BTC, with all-in costs of US$99,383 per BTC. As of the end of September 2025, the Company had mined 5,810 BTC since entering the bitcoin mining industry.
• The Company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure, enhance corporate transparency, and align with its strategic focus.

Mr. Paul Yu, Chief Executive Officer of Cango, said, "This quarter marks a significant milestone. It's been one year since our strategic transformation into a bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango's position as a scaled and operationally disciplined bitcoin miner. Specifically, we mined 1,930.8 BTC, averaging 21.0 BTC per day. While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy, with bitcoin mining as the practical on-ramp toward our energy and compute ambitions. In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability."

Full article link: https://ir-image.cangoonline.com/ir-documents/2025-12-2-Cango-Inc-Reports-Third-Quarter-2025-Unaudited-Financial-Results.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-reports-third-quarter-2025-unaudited-financial-results-302630155.html

SOURCE Cango Inc.

FAQ

What were Cango's total revenues and primary revenue source in Q3 2025 (CANG)?

Total revenues were US$224.6 million in Q3 2025; US$220.9 million came from bitcoin mining.

How many bitcoins did Cango mine in Q3 2025 and how did that compare to Q2 (CANG)?

Cango mined 1,930.8 BTC in Q3 2025, a 37.5% increase in total output versus Q2 2025.

What were Cango's profitability metrics in Q3 2025 (CANG)?

Operating income was US$43.5M, net income US$37.3M, and adjusted EBITDA US$80.1M.

What were Cango's mining costs per BTC in Q3 2025 (CANG)?

Average cost to mine excluding depreciation was US$81,072 per BTC and all-in cost was US$99,383 per BTC.

Did Cango change its listing structure in Q4 2025 (CANG)?

Yes, Cango terminated its ADR program and transitioned to a direct listing on the NYSE.

What operational improvements did Cango report for Q3 2025 (CANG)?

Average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in September and improved to 46.09 EH/s in October, with efficiency above 90%.