HONG KONG, Nov. 6, 2025 — Cango Inc. (NYSE: CANG) issued a shareholder letter reflecting on one year since it began transforming into a large-scale Bitcoin mining operator and laying the groundwork for energy-secured high-performance computing (HPC) services.
The company’s pivot began in November 2024, when management chose Bitcoin mining as an immediate, practical path to secure power access, gain operating experience, and develop adaptable sites that can support longer-term energy and compute objectives.
Rapid scale-up: by June 2025 Cango reached a 50 EH/s global mining platform. This growth came through two major equipment deployments — 32 EH/s of on-rack miners in November 2024 and a further 18 EH/s in June 2025 — and by completing the divestiture of its China-based assets by May 2025. A refreshed Board and executive team with backgrounds in digital assets, finance, and energy were brought in to guide the new strategy.
Financial performance was strong and immediate. In Q2 2025 Cango reported US$139.8 million in revenue, US$99.1 million in adjusted EBITDA, and US$117.8 million in cash and equivalents. The results reflect an asset-light approach emphasizing operational efficiency and a competitive core business model.
Geographic reach now includes scaled operations across the U.S., Oman, Ethiopia, and Paraguay. In August 2025 Cango added a 50 MW facility in Georgia for US$19.5 million, increasing operational control and enabling improved power terms. Operational metrics improved as well: hashrate efficiency exceeded 90%, and Bitcoin reserves grew to more than 6,400 BTC as of October 31, 2025, following a disciplined HODL policy.
To strengthen its capital structure, Cango plans to convert to a direct NYSE listing on November 17, 2025.
Looking forward, the company intends to use its Bitcoin mining platform as a foundation for a dual-track expansion into energy assets and HPC. Planned next steps include disciplined, phased pilot projects, a targeted move into AI-focused HPC, and development of dual-use energy infrastructure that can serve both mining and compute workloads. Operational priorities remain improving uptime, lowering energy costs, and refreshing approximately 6 EH/s of capacity.
CEO Paul Yu said the company is positioning itself at the intersection of energy and compute, leveraging the team and infrastructure built over the past year to pursue long-term value creation for shareholders and partners.
Investor relations contact:
Juliet YE, Head of Communications
Cango Inc.
Email: [email protected]