[6-K] Cango Inc. Current Report (Foreign Issuer)
Rhea-AI Filing Summary
Cango Inc. reported a difficult first quarter of 2026 as it shifts from traditional businesses into Bitcoin mining and AI infrastructure. Revenue was US$102.0 million, almost all from Bitcoin mining, but the company posted a large net loss of US$261.1 million, driven mainly by non-cash impairment charges on mining machines and fair value losses linked to lower Bitcoin prices.
Cango mined 1,266 Bitcoin, operated total hashrate of 37.01 EH/s, and cut average cash cost per Bitcoin by 9.0% sequentially to US$76,928, reflecting fleet upgrades and tighter cost control. The balance sheet changed sharply: long-term related-party debt fell from US$557.6 million to US$30.6 million, while cash and cash equivalents declined to US$7.2 million. The company held 1,026 Bitcoin in digital asset reserves and is advancing its EcoHash AI compute platform and modular containerized compute units as part of a longer-term plan to build an integrated energy and AI compute network.
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Insights
Large non-cash losses and deleveraging reshape Cango’s risk profile.
Cango generated US$102.0 million of Q1 2026 revenue, mostly from Bitcoin mining, but reported a net loss of US$261.1 million as impairments and fair value losses tied to weaker Bitcoin prices dominated results. Adjusted EBITDA loss was US$154.1 million, underscoring weak underlying profitability.
The balance sheet contracted sharply: total assets fell from US$1.13 billion to US$380.7 million between December 31, 2025 and March 31, 2026, mainly as the receivable for Bitcoin collateral and related-party long-term debt were reduced. Long-term related-party debt dropped from US$557.6 million to US$30.6 million, while cash declined to US$7.2 million.
Operationally, Cango ran 37.01 EH/s of hashrate and mined 1,266 Bitcoin, while cutting average cash cost per coin by 9.0% sequentially to US$76,928 through fleet optimization. Management highlights EcoHash and modular AI compute units as a strategic expansion path, but execution will depend on Bitcoin price dynamics, mining economics, and the company’s ability to stabilize cash flow after this period of heavy non-cash losses and deleveraging.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2026
Commission File Number: 001-38590
CANGO INC.
3131 McKinney Avenue
Dallas, Texas 75204, U.S.A.
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
| Form 20-F x | Form 40-F ¨ |
EXHIBIT INDEX
| Exhibit 99.1 | Cango Inc. Reports First Quarter 2026 Unaudited Financial Results |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CANGO INC. | ||
| By: | /s/ Simon Tang | |
| Name: | Simon Tang | |
| Title: | Director and Chief Financial Officer | |
Date: June 2, 2026
Exhibit 99.1
Cango Inc. Reports First Quarter 2026 Unaudited Financial Results
Dallas, Texas, June 1, 2026 - Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter of 2026 Financial and Operational Highlights
| · | Financial Performance: In the first quarter of 2026, the Company generated total revenue of US$102.0 million, primarily driven by US$98.4 million from its Bitcoin mining business. The Company reported a net loss of US$261.1 million, primarily due to non-cash impairment charges on Bitcoin mining machines and changes in the fair value of Bitcoins, both resulting from the decline in bitcoin market prices. Long-term debt was reduced to US$30.6 million, down from US$557.6 million as of December 31, 2025. As of quarter-end, the Company held 1,026 Bitcoin in digital asset reserves. | |
| · | Mining Operations and Costs: The Company continued to enhance operating efficiency while maintaining a disciplined operational footprint. Total hashrate was 37.01 EH/s, comprising 27.98 EH/s of self-mining capacity and 9.02 EH/s of leased hashrate capacity. During the quarter, the Company mined 1,266 Bitcoin. Ongoing fleet optimization and disciplined cost management drove a 9.0% sequential reduction in average cash cost per Bitcoin to US$76,928 compared to the fourth quarter of 2025, reinforcing the Company's focus on operational efficiency. | |
| · | AI Development: Building on its core infrastructure capabilities, the Company made meaningful progress in its strategic expansion into AI compute. During the quarter, the Company launched EcoHash, a new commercial platform leveraging Cango's existing expertise in energy management and high-density computing. The Company is working on pilot deployment of modular, containerized compute units which supports a phased roadmap that begins with GPU compute leasing and scales toward a global AI compute network over time. |
Mr. Paul Yu, Chief Executive Officer of Cango, said, "We are executing a disciplined strategy to strengthen our mining foundation while advancing into AI infrastructure through EcoHash. In recent months, we have seen positive developments, including continued cost reductions driven by our fleet upgrade strategy, as well as steady operational performance across our global mining footprint. At the same time, our EcoHash initiative continues to progress, with pilot deployments advancing on schedule. By leveraging our global energy network and operational expertise, we are well-positioned to enhance efficiency, capture emerging AI compute opportunities, and drive sustainable long-term value."
Mr. Simon Tang, Chief Financial Officer of Cango, stated, "Despite a challenging quarter affected by industry adjustments and non-cash impacts, we made meaningful progress in improving our cost structure and strengthening our balance sheet. We reduced long-term debt, and achieved continued declines in mining cash costs through disciplined execution. Going forward, we remain focused on enhancing cash flow resilience, maintaining financial flexibility, and supporting the Company's strategic transition into more efficient and diversified infrastructure."
First Quarter 2026 Financial Results from Continuing Operations
REVENUES
During the quarter, total revenues were US$102.0 million, and revenues from Bitcoin mining were US$98.4 million. Compared with the fourth quarter of 2025, total revenue decreased approximately 43%, primarily reflecting the Company's proactive reduction of operating hashrate as it phased out older, less efficient S19 series mining machines and transitioned some capacity to a leased hashrate.
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OPERATING COSTS AND EXPENSES
During the quarter, total operating costs and expenses were US$356.4 million. These costs were primarily associated with the Company's Bitcoin mining business, the recognition of impairment loss on mining machines, the loss on disposal of mining machines, and the loss from changes in fair value of receivable for Bitcoin collateral.
| · | Cost of revenue (exclusive of depreciation shown below) was US$99.6 million, down from US$155.3 million in the fourth quarter of 2025. This was driven by lower electricity and hosting expenses following the hashrate reduction. | |
| · | Depreciation was US$29.4 million. | |
| · | General and administrative expenses, including related-party fees, totaled US$7.2 million. | |
| · | Impairment loss from mining machines was US$49.0 million. | |
| · | Loss on disposal of mining machines was US$20.3 million. | |
| · | Loss from changes in fair value of receivable for Bitcoin collateral was US$151.8 million, compared to US$171.4 million in the fourth quarter of 2025. This non-cash loss was primarily driven by lower Bitcoin prices during the quarter. |
LOSS FROM OPERATIONS
Loss from operations in the first quarter of 2026 was US$254.4 million, compared with an operating loss of US$26.9 million in the same period of 2025, primarily due to the decline in Bitcoin prices.
NET LOSS FROM CONTINUING OPERATIONS
Net loss from continuing operations in the first quarter of 2026 was US$261.1 million, compared with a net loss of US$28.3 million in the same period of 2025.
ADJUSTED EBITDA
Adjusted EBITDA loss in the first quarter of 2026 was US$154.1 million compared with adjusted EBITDA loss of US$1.7 million in the same period of 2025.
BALANCE SHEET
As of March 31, 2026, the Company held:
| · | Cash and cash equivalents of US$7.2 million, down from US$41.2 million at year-end 2025, mainly due to debt repayments and operational activities. | |
| · | Receivable for Bitcoin collateral (non-current, related party) with a net value of US$68.2 million. | |
| · | Mining machines with a net value of US$130.8 million. | |
| · | Long-term debts (related party) of US$30.6 million, compared with US$557.6 million as of December 31, 2025. |
The substantial reduction in both the receivable for Bitcoin collateral and the associated long-term debt reflects the Company's proactive deleveraging efforts during the quarter.
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Conference Call Information
The Company's management will hold a conference call on Sunday, May 31, 2026, at 9:00 P.M. Eastern Time or Monday, June 1, 2026, 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 |
| Hong Kong, China Toll Free: | 800-905-945 |
| Conference ID: | Cango Inc. |
The replay will be accessible through June 7, 2026, by dialing the following numbers:
| International: | +1-412-317-0088 |
| United States Toll Free: | +1-855-669-9658 |
| Access Code: | 3013185 |
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 a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company's mining operations span over 40 sites across North America, the Middle East, South America, and East Africa.
Since entering the digital asset space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.
For more information, please visit: www.cangoonline.com and follow us on: X and LinkedIn.
Use of Non-GAAP Financial Measure
As part of our review of business performance, we present adjusted EBITDA as a 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, loss on disposal of mining machines 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 U.S. GAAP, management uses it to evaluate performance, make strategic decisions, and set operating plans. Management believes it also helps investors gain a clearer understanding of our underlying performance by excluding certain costs and expenses that management believes are not indicative of the Company’s core operating results. The presentation of this non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP.
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The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Cango's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.
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 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 U.S. Securities and Exchange Commission (the “SEC”) , in its annual report on Form 20-F, its current reports on Form 6-K, 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: volatility in Bitcoin price and the resulting impact on the Company’s Bitcoin holdings, mining equipment and related receivables; Bitcoin network difficulty, halving events and the cost and availability of electricity; the Company’s ability to execute its AI compute strategy, including the commercialization and scaling of the EcoHash platform; the Company’s liquidity, indebtedness and ability to access additional financing; 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: cango@christensencomms.com
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| CANGO INC. UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in US dollar ("US$"), except for number of shares） | ||||||||
| As of December 31, 2025 | As of March 31, 2026 | |||||||
| US$ | US$ | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 41,243,627 | 7,171,427 | ||||||
| Crypto currencies | 42,545 | 7,887,617 | ||||||
| Accounts receivable, net | 1,661,702 | 2,486,551 | ||||||
| Accounts receivable, net - related parties | 1,064,440 | 56,852 | ||||||
| Prepayments and other current assets, net | 6,835,599 | 64,131,941 | ||||||
| Other current assets, net - related party | 74,270,770 | 55,203,008 | ||||||
| Total current assets | 125,118,683 | 136,937,396 | ||||||
| Non-current assets: | ||||||||
| Mining machines, net | 248,745,505 | 130,802,268 | ||||||
| Property, plant and equipment, net | 18,797,925 | 18,664,448 | ||||||
| Intangible assets, net | 292,836 | 285,290 | ||||||
| Operating lease right-of-use assets, net | 2,079,937 | 1,923,121 | ||||||
| Receivable for bitcoin collateral - non-current - related party | 662,968,814 | 68,181,445 | ||||||
| Other non-current assets, net | 68,025,983 | 16,948,984 | ||||||
| Other non-current assets, net - related party | 6,955,650 | 6,955,650 | ||||||
| Total non-current assets | 1,007,866,650 | 243,761,206 | ||||||
| TOTAL ASSETS | 1,132,985,333 | 380,698,602 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accrued expenses and other current liabilities | 82,329,075 | 46,712,830 | ||||||
| Accrued expenses and other current liabilities - related parties | 5,025,566 | 2,103,992 | ||||||
| Income tax payable | 88,792,503 | 88,362,240 | ||||||
| Short-term lease liabilities | 573,959 | 412,944 | ||||||
| Total current liabilities | 176,721,103 | 137,592,006 | ||||||
| Non-current liabilities: | ||||||||
| Long-term debts - related party | 557,567,671 | 30,611,355 | ||||||
| Deferred tax liability | 1 | 1 | ||||||
| Long-term operating lease liabilities | 1,655,272 | 1,687,682 | ||||||
| Total non-current liabilities | 559,222,944 | 32,299,038 | ||||||
| Total liabilities | 735,944,047 | 169,891,044 | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares | 44,171 | 49,796 | ||||||
| Treasury shares | (103,424,568 | ) | (104,429,322 | ) | ||||
| Additional paid-in capital | 1,135,958,943 | 1,211,777,145 | ||||||
| Accumulated deficit | (635,537,260 | ) | (896,590,061 | ) | ||||
| Total Cango Inc.’s equity | 397,041,286 | 210,807,558 | ||||||
| Total shareholders' equity | 397,041,286 | 210,807,558 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,132,985,333 | 380,698,602 | ||||||
CANGO INC.
| ||||||||
| For three months ended March 31 | ||||||||
| 2025 | 2026 | |||||||
| US$ | US$ | |||||||
| Revenues | 144,154,046 | 102,000,984 | ||||||
| Bitcoin mining income | 144,144,312 | 98,443,880 | ||||||
| Other revenues | 9,734 | 3,027,230 | ||||||
| Other revenues from related parties | - | 529,874 | ||||||
| Operating cost and expenses: | ||||||||
| Cost of revenue (exclusive of depreciation shown below) | 112,661,702 | 99,578,785 | ||||||
| Cost of revenue (depreciation) | 21,344,844 | 29,372,199 | ||||||
| General and administrative | 10,028,269 | 6,549,346 | ||||||
| General and administrative - related parties | - | 647,653 | ||||||
| Provision (Net recovery) for credit losses | 289,231 | (979,753 | ) | |||||
| Impairment loss from mining machines | - | 49,038,548 | ||||||
| Loss from changes in fair value of receivable for bitcoin collateral | 26,735,505 | 151,838,430 | ||||||
| Loss on disposal of mining machines | - | 20,307,212 | ||||||
| Total operation cost and expense | 171,059,551 | 356,352,420 | ||||||
| Loss from operations | (26,905,505 | ) | (254,351,436 | ) | ||||
| Interest income | 294,192 | 2,134 | ||||||
| Interest expense | (1,310,597 | ) | - | |||||
| Interest expense - related party | - | (6,702,867 | ) | |||||
| Foreign exchange loss, net | (27,690 | ) | (632 | ) | ||||
| Other income | 112,870 | - | ||||||
| Net loss before income taxes | (27,836,730 | ) | (261,052,801 | ) | ||||
| Income tax expenses | (431,183 | ) | - | |||||
| Net loss from continuing operations | (28,267,913 | ) | (261,052,801 | ) | ||||
| Discontinued operations: | ||||||||
| Loss from discontinued operations | (3,907,013 | ) | - | |||||
| Net loss from discontinued operations | (3,907,013 | ) | - | |||||
| Net loss attributable to Cango Inc.’s shareholders | (32,174,926 | ) | (261,052,801 | ) | ||||
| Losses per ordinary share: | ||||||||
| Basic | - | - | ||||||
| Discontinued operations | (0.02 | ) | - | |||||
| Continuing operations | (0.14 | ) | (0.73 | ) | ||||
| Basic | (0.16 | ) | (0.73 | ) | ||||
| Diluted | - | - | ||||||
| Discontinued operations | (0.02 | ) | - | |||||
| Continuing operations | (0.14 | ) | (0.73 | ) | ||||
| Diluted | (0.16 | ) | (0.73 | ) | ||||
| Weighted average shares used to compute losses per ordinary share: | ||||||||
| Basic | 207,566,173 | 358,611,981 | ||||||
| Diluted | 207,566,173 | 358,611,981 | ||||||
| Other comprehensive income, net of tax | ||||||||
| Foreign currency translation adjustment | (5,279,250 | ) | - | |||||
| Total comprehensive loss | (37,454,176 | ) | (261,052,801 | ) | ||||
| Total comprehensive loss attributable to Cango Inc.’s shareholders | (37,454,176 | ) | (261,052,801 | ) | ||||
CANGO INC.
| ||||||||
| For three months ended March 31 | ||||||||
| 2025 | 2026 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| US$ | US$ | |||||||
| Net loss | (32,174,926 | ) | (261,052,801 | ) | ||||
| Less: Discontinued operations: | ||||||||
| Loss from discontinued operations | (3,907,013 | ) | - | |||||
| Loss on discontinued operations | (3,907,013 | ) | - | |||||
| Net loss from continuing operations | (28,267,913 | ) | (261,052,801 | ) | ||||
| Add: Interest expense | 1,310,597 | 6,702,867 | ||||||
| Add: Income tax expenses | 431,183 | - | ||||||
| Add: Depreciation and amortization | 21,349,999 | 29,389,003 | ||||||
| Cost of revenue | 21,344,844 | 29,372,199 | ||||||
| General and administrative | 5,155 | 16,804 | ||||||
| Add: Impairment loss from mining machines | - | 49,038,548 | ||||||
| Add: Loss on disposal of mining machines | - | 20,307,212 | ||||||
| Less: Other income | 112,870 | - | ||||||
| Add: Share-based compensation expenses | 3,545,188 | 1,536,295 | ||||||
| General and administrative | 3,545,188 | 1,536,295 | ||||||
| Non-GAAP adjusted EBITDA | (1,743,816 | ) | (154,078,876 | ) | ||||
| Non-GAAP adjusted EBITDA attributable to Cango Inc.’s shareholders | (1,743,816 | ) | (154,078,876 | ) | ||||