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

Insights

Lead Mining Finance Analyst

Cango shows strong revenue and profitability driven by bitcoin mining scale and rising hashrate.

Cango generated $224.6 million in revenue for the third quarter of 2025, driven mainly by its bitcoin mining business which contributed $220.9 million. The company reported operating income of $43.5 million, net income of $37.3 million, and adjusted EBITDA of $80.1 million. Mining output rose to 1,930.8 BTC in the quarter, averaging 21.0 BTC per day, and total mined since entry into mining reached 5,810 BTC.

Operational scale and efficiency improved as average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in September and to 46.09 EH/s in October, with reported efficiency above 90%. Reported average cost to mine was $81,072 per BTC excluding depreciation and all-in cost was $99,383 per BTC. The company also completed termination of its ADR program and moved to a direct NYSE listing.

The core business mechanism is straightforward: higher hashrate and operational improvements increased bitcoin production and revenue. Key dependencies include ongoing hashrate stability, maintenance of > 90% efficiency, and control of mining costs relative to bitcoin value. Material near-term risks stated include market dynamics that the company will monitor and measures to manage deployed output and explore partnerships.

Concrete items to watch over the next few quarters include quarterly BTC mined and daily production rates, trends in average operating hashrate, and any changes to average cost to mine versus all-in cost. Also monitor disclosures tied to the new NYSE direct listing and any announced partnership models or output-management actions within the next few reporting periods.

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 

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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%.