Bitcoin mining company Cango Inc. reported a net loss of $285 million in the fourth quarter of 2025, as impairment charges, fair-value losses and rising mining costs outpaced revenue from its expanding Bitcoin mining operations.
In its earnings release published Monday, Cango said Q4 revenue was $179.5 million, of which $172.4 million came from Bitcoin mining, while total operating costs and expenses climbed to $456.0 million.
The quarter’s loss was driven in part by an $81.4 million impairment on mining equipment and a $171.4 million loss from changes in the fair value of Bitcoin-collateralized receivables. The company also reported higher production costs, with all-in mining expenses reaching $106,251 per BTC in the quarter.
These results illustrate how revenue growth from mining was offset by impairment charges, mark-to-market adjustments and elevated production costs as Cango scaled its mining business.
Google Finance data shows Cango’s shares fell from about $4.50 on Oct. 1 to roughly $1.50 by Dec. 31. At the time of the report, the stock traded at $0.68, a decline of more than 84% over six months.
Cango posted a net loss of $452.8 million for full-year 2025
For the full year, Cango reported total revenue of $688.1 million, including $675.5 million from Bitcoin mining. The company mined 6,594.6 BTC in 2025, averaging about 18.07 BTC per day in its first full year operating at scale.
Cango recorded total operating costs and expenses of $1.1 billion for 2025, which included $338.3 million in impairment losses on mining machines and $96.5 million in fair-value losses on Bitcoin-collateralized receivables, underscoring the cost pressures of scaling mining operations.
In total, the company posted a net loss of $452.8 million for the year. CFO Michael Zhang said the loss was driven largely by one-time transformation costs and market-driven fair-value adjustments.
Cango’s Bitcoin mining pivot
Cango’s results come amid a strategic shift that has transformed the company’s business over the past year.
In April 2025, Cango agreed to sell its legacy China auto-financing operations for $352 million to Ursalpha Digital Limited, an entity linked to Bitmain. The transaction included the transfer of 32 exahashes per second (EH/s) of mining capacity, effectively repositioning Cango as a publicly traded Bitcoin mining company.
In February, Cango raised $75.5 million in equity financing after selling 4,451 BTC for about $305 million to reduce leverage. The company said the financing supports a pivot toward artificial intelligence infrastructure, with plans to repurpose mining operations into distributed compute capacity for AI workloads.
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