Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results

Cango (NYSE: CANG) reported unaudited results for Q3 ended Sept 30, 2025.

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

Argus Dec 2 session

-9.66% close to close Open Argus

Details

News Market Reaction – CANG

On Dec 2, the day this news came out, CANG closed 9.66% below the previous close.

Data tracked by StockTitan Argus for the Dec 2 session.

Key Figures

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

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

Historical Context

5 past events · Latest: Dec 05

5 events

1. Dec 05

   Crypto operations update

   24h Move

   -6.2%

   Monthly bitcoin production, hashrate metrics and strategy reiteration.

2. Dec 02

   Q3 2025 earnings

   24h Move

   -9.7%

   Strong Q3 revenue, profitability and mining metrics disclosure.

3. Dec 01

   Q3 2025 earnings

   24h Move

   -3.3%

   Detailed Q3 financials, costs, balance sheet and hashrate update.

4. Nov 25

   Earnings date notice

   24h Move

   +0.0%

   Announcement of timing and access details for Q3 earnings call.

5. Nov 17

   NYSE direct listing

   24h Move

   -46.9%

   Start of Class A trading on NYSE with no new shares issued.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

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. How Rhea-AI works. Not financial advice.

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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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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%.