Cango Inc. (CANG) SEC Filings, Oct 2025-Mar 2026

Cango Inc. reported unaudited fourth-quarter and full-year 2025 results, highlighting its first year as a Bitcoin miner and AI-focused infrastructure company. Full-year revenues from continuing operations reached US$688.1 million, driven mainly by Bitcoin mining income of US$675.5 million from 6,594.6 Bitcoins mined.

Despite strong top-line growth, profitability deteriorated sharply. Total operating costs and expenses were about US$1.1 billion, including large impairment losses on mining machines and fair-value losses on receivables tied to Bitcoin collateral. Cango recorded a full-year loss from operations of US$437.1 million and a net loss from continuing operations of US$452.8 million, versus net income of US$4.8 million in 2024.

Management attributed the swing to non-recurring transformation costs and market-driven fair-value adjustments amid Bitcoin price declines, while noting non-GAAP adjusted net income of US$24.5 million in 2025. The balance sheet shifted toward crypto-related assets and related-party receivables, alongside a related-party long-term debt balance of US$557.6 million. Cango also repurchased 890,155 Class A shares for approximately US$1.2 million and is investing to pivot its mining footprint toward an emerging AI compute and energy platform.

Cango Inc. reports it has closed a previously announced US$10.5 million equity investment from Enduring Wealth Capital Limited (EWCL) and agreed to two additional insider investments totaling US$65 million. EWCL received 7 million Class B shares at US$1.50, lifting its stake to about 4.71% of shares and 49.71% of voting power. New definitive agreements call for Fortune Peak Limited, owned by director Chang-Wei Chiu, to buy 29,975,137 Class A shares for US$39,567,181, and Armada Network Limited, owned by chairman Xin Jin, to buy 19,267,287 Class A shares for US$25,432,819, both at US$1.32 per share. Cango plans to use proceeds to expand AI and computing infrastructure and bolster its balance sheet. The two Class A investments require customary conditions, including NYSE approval, and may not close, though the company expects completion in February 2026.

Cango Inc. reported that it has sold 4,451 Bitcoin on the open market, receiving about US$305 million in USDT. The entire amount was used to partially repay a Bitcoin‑collateralized loan, aiming to strengthen the balance sheet and reduce financial leverage.

The company is redirecting resources to build a distributed AI compute platform, initially deploying modular, containerized GPU nodes across existing mining sites to serve long‑tail AI inference demand. Cango also appointed Jack Jin as CTO of its AI business line to lead this technology transformation.

Cango Inc. submitted a foreign issuer report describing a new equity investment from EWCL. The report lists two key exhibits: a company announcement about the equity investment and an investment agreement dated December 29, 2025. This filing formally records the transaction-related documents with U.S. regulators and is signed on behalf of Cango Inc. by its Chief Financial Officer, Yongyi Zhang.

Cango Inc. has filed a shelf registration to offer up to US$500,000,000 of Class A ordinary shares, debt securities, warrants and units from time to time after effectiveness. Each specific sale will be detailed in a future prospectus supplement, including pricing, terms and the planned use of proceeds.

The company’s Class A ordinary shares trade on the NYSE under “CANG,” with a last reported price of US$1.33 per share on December 16, 2025. Cango now primarily operates a Bitcoin mining business across North America, the Middle East, South America and East Africa, while also running an online international used car export platform, AutoCango.com.

As of the date of the prospectus, authorized share capital is 1,000,000,000 shares of US$0.0001 par value, with 356,350,361 shares outstanding, including 346,350,361 Class A shares and 10,000,000 Class B shares. Class A shares carry one vote each, while Class B shares carry 20 votes and can be converted into Class A. Cango states it has disposed all of its business in the Chinese mainland and believes it has no related CSRC filing or reporting obligations for offerings under this prospectus.

Cango Inc. (CANG) has received a Form 25 notification from the New York Stock Exchange, indicating the removal of its American Depositary Shares from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. The affected securities are American Depositary Shares, each representing two Class A ordinary shares. The NYSE certifies that it has reasonable grounds to file this notification and that applicable exchange rules and regulatory requirements for striking the securities from listing or withdrawing their registration have been satisfied.

Cango Inc. (CANG) plans a structural change to its U.S. listing. The company reported via Form 6-K that it will terminate its American Depositary Receipt (ADR) program and list its Class A ordinary shares directly on the New York Stock Exchange. This shifts trading from ADRs to the company’s ordinary shares. The update was furnished with an exhibit titled “Cango Inc. to Terminate ADR Program and List Class A Ordinary Shares Directly on NYSE.”