DALLAS, Dec. 2, 2025 /PRNewswire/ — On December 1, Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) announced 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 Q3 2025, up 60.6% from Q2 2025. Revenue from the bitcoin mining business was US$220.9 million.
– Operating income was US$43.5 million and net income was US$37.3 million. Adjusted EBITDA was US$80.1 million for the quarter.
– Average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in September and reached 46.09 EH/s in October, with efficiency above 90%, driven by facility relocations, operational improvements, and miner upgrades.
– The Company mined 1,930.8 BTC in Q3, averaging 21.0 BTC per day — a 37.5% increase in total output and a 36.0% increase in daily production versus Q2 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 September 30, 2025, Cango had mined 5,810 BTC since entering the bitcoin mining industry.
– The Company completed termination of its ADR program and transitioned to a direct listing on the NYSE to optimize capital structure, enhance transparency, and align with its strategic focus.
Commenting on the quarter, Paul Yu, Chief Executive Officer of Cango, said the quarter marked a significant milestone one year after the company’s strategic shift to bitcoin mining. He noted the company’s focus on scaled, disciplined mining operations — citing the 1,930.8 BTC mined and 21.0 BTC daily average — and outlined a long-term strategy to build a global, distributed AI compute network powered by green energy, with bitcoin mining as the practical on-ramp. In the near term, Cango will monitor market dynamics, manage deployed output, and explore partnerships to mitigate market risks and improve operating stability.
Full article: 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: [email protected]
