Cango Inc Stock Price, News & Analysis

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.

Cango (NYSE: CANG) reported third quarter 2025 unaudited results with total revenues of $224.6M (up 60.6% QoQ) and $220.9M from bitcoin mining. The company mined 1,930.8 BTC in Q3 (avg 21.0 BTC/day), bringing cumulative mined bitcoin to 5,810 BTC.

Operating income was $43.5M, net income $37.3M, and adjusted EBITDA $80.1M. Average operating hashrate rose to ~46.09 EH/s (Oct) with deployed hashrate at 50 EH/s. Average cost to mine was $81,072 per BTC (ex-depr.) and all-in cost $99,383 per BTC.

Balance sheet highlights: cash $44.9M, receivable for bitcoin collateral (related party) $660.0M, mining machines net $365.7M, and long-term related-party debt $405.1M. Reporting currency changed to USD effective Q3 2025.

Cango (NYSE: CANG) will release its third quarter 2025 financial results after market close on Monday, December 1, 2025. The earnings release will be posted on the company investor relations website at http://ir.cangoonline.com.

Management will discuss results on a conference call on December 1, 2025 at 8:00 P.M. ET (or December 2, 2025 at 9:00 A.M. HKT). Dial-in numbers and Conference ID (Cango Inc.) are provided for international, U.S., Mainland China and Hong Kong participants. A replay will be available through December 8, 2025, and a live and archived webcast will be accessible on the investor relations site.

Cango (NYSE:CANG) announced its Class A ordinary shares began trading on the New York Stock Exchange on November 17, 2025 following termination of its ADR program.

Holders of American depositary shares received two Class A ordinary shares per ADS (similar to a 2-for-1 split). NYSE authorized the direct listing on November 14, 2025. The direct listing lets U.S. investors hold shares directly and eliminates depositary fees. Cango said the move may enhance institutional visibility and broaden its investor base. No new shares were issued and no capital was raised, so there is no dilution. The company reported approximately 356 million Class A ordinary shares outstanding as of the announcement date.

Cango (NYSE: CANG) marked one year since pivoting to a Bitcoin mining-focused business on Nov 6, 2025, reporting rapid scale-up and financial results tied to the transformation.

Key highlights: 50 EH/s global platform (32 EH/s acquired Nov 2024; 18 EH/s Jun 2025), divestiture of China assets by May 2025, a 50 MW Georgia facility bought for US$19.5M in Aug 2025, and >90% hashrate efficiency. Financials for Q2 2025 show US$139.8M revenue, US$99.1M adjusted EBITDA, and US$117.8M cash equivalents. Bitcoin holdings reached ~6,400 BTC as of Oct 31, 2025. The company plans a direct NYSE listing on Nov 17, 2025 and outlines phased expansion into energy and AI HPC leveraging its mining infrastructure.

Cango (NYSE: CANG) published its October 2025 bitcoin production and mining update on Nov 3, 2025. Key metrics: 602.6 BTC produced in October (avg 19.44 BTC/day), 6,412.6 BTC held as of month-end, deployed hashrate at 50 EH/s and average operating hashrate of 46.09 EH/s for October. Figures are unaudited and estimated.

The company noted it holds bitcoin long term with no current intent to sell. Management said average operating hashrate exceeded 90% utilization and highlighted surpassing the 6,000 BTC milestone. Cango also announced termination of its ADR program and a planned direct listing of ordinary shares on NYSE, expected to complete in November 2025.

Cango (NYSE: CANG) announced its board approved termination of the company's American Depositary Receipt (ADR) program, effective after market close on November 14, 2025. At termination each ADS will be mandatorily cancelled and holders will receive two Class A ordinary shares per ADS.

The company expects its Class A ordinary shares to commence direct listing and trading on the New York Stock Exchange under the existing ticker CANG when market opens on November 17, 2025. Management said the move aims to allow U.S. investors to exercise shareholder rights directly, eliminate depositary fees for ADS holders, enhance institutional visibility, and support a U.S.-centric strategy to broaden the investor base.

Cango (NYSE: CANG) published its September 2025 Bitcoin production and mining operations update on Oct 3, 2025. Key metrics: 616.6 BTC produced in Sept (avg 20.55 BTC/day) versus 663.7 BTC in Aug; total Bitcoin held rose to 5,810.0 BTC from 5,193.4 BTC month-end; deployed hashrate remained at 50 EH/s and average operating hashrate was 44.85 EH/s (≈89.7% utilization).

The update is unaudited/estimated; Cango states it holds Bitcoin long term and does not intend to sell holdings. Management cited fleet efficiency and plans to explore high-performance computing initiatives.

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.