HONG KONG, Sept. 5, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) right this moment introduced its unaudited monetary outcomes for the second quarter ended June 30, 2025.
Monetary and Operational Highlights
- As of June 30, 2025, the corporate’s whole mining capability reached 50 EH/s, primarily pushed by the acquisition of 18 EH/s in June 2025. Moreover, in Might, Cango accomplished the divestiture of its China-based property for US$352 million, producing substantial liquidity to assist ongoing strategic initiatives.
- Complete revenues had been US$139.8 million through the interval, with the Bitcoin mining enterprise producing income of US$138.1 million.
- Adjusted EBITDA was US$99.1 million through the interval.
- A complete of 1,404.4 Bitcoins had been mined through the quarter. Common value to mine, excluding depreciation of mining machines, was US$83,091 per Bitcoin, with all-in prices of US$98,636 per Bitcoin. As of the top of June 2025, the Firm had mined 3,879.2 Bitcoins since coming into the Bitcoin mining business.
- The web loss for the interval was primarily attributable to the one-off loss on discontinued operations and the non-cash impairment loss from mining gear contracted final November and settled through fairness in June of this yr—triggered by the numerous appreciation in Cango’s share worth between signing and supply. These costs associated to the Firm’s strategic steps quite than operational underperformance. Excluding the impairment and the one-off loss from discontinued operations, adjusted EBITDA stood at US$99.1 million through the interval, demonstrating the power and profitability of the core Bitcoin mining enterprise.
Mr. Paul Yu, CEO of Cango, mentioned, “This quarter marks a big milestone as we report our first full quarter following our strategic transformation. In simply 9 months, we’ve established ourselves as one of many largest Bitcoin miners globally, supported by our asset-light technique that allows fast scaling with minimal upfront capital. Whereas this strategy incurs larger money prices per Bitcoin, our decrease depreciation bills guarantee aggressive all-in prices and robust capital effectivity. Our latest acquisition of 18 EH/s elevated our whole mining capability to 50 EH/s, contributing to a 44% improve in Bitcoin manufacturing in July. This progress underscores the impression of our expanded operations and helps additional scaling by way of natural initiatives and strategic acquisitions. Moreover, our acquisition of fifty MW mining facility in Georgia enhances our power safety and lowers energy prices, offering operational experience for future HPC and power initiatives.”
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