Cango Posts $285M Q4 Loss on Mining Costs

Cango Inc., which has repositioned itself as a Bitcoin mining company, reported a fourth-quarter net loss of $285 million for 2025 as impairment charges, fair-value adjustments and higher mining costs outstripped revenue growth.

For Q4, Cango posted revenue of $179.5 million, of which $172.4 million came from Bitcoin mining. Total operating costs and expenses rose to $456.0 million for the quarter. Key charges included 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 disclosed elevated production expenses, with all-in mining costs of $106,251 per BTC for the quarter.

Those items offset revenue gains as Cango scaled its mining operations. The company’s shares have tumbled: Google Finance data cited a fall from about $4.50 on Oct. 1 to roughly $1.50 by Dec. 31, and the stock was trading near $0.68 at the time of the report — a decline of more than 84% over six months.

Full-year 2025 results reflected similar pressures. Cango reported total revenue of $688.1 million for the year, including $675.5 million from Bitcoin mining. The company mined 6,594.6 BTC in 2025, averaging about 18.07 BTC per day. Total operating costs and expenses for the year reached roughly $1.1 billion, which included $338.3 million in impairments on mining machines and $96.5 million in fair-value losses on Bitcoin-collateralized receivables. Cango posted a net loss of $452.8 million for 2025. CFO Michael Zhang attributed the annual loss largely to one-time transformation costs and market-driven fair-value adjustments.

The results come amid a strategic transformation over the past year. In April 2025, Cango sold its legacy China auto-financing business for $352 million to Ursalpha Digital Limited, an entity linked to Bitmain; the deal transferred 32 EH/s of mining capacity and effectively recast Cango as a publicly traded Bitcoin miner. In February 2025, the company sold 4,451 BTC for about $305 million and raised $75.5 million in equity financing to reduce leverage. Cango has since signaled plans to repurpose portions of its mining footprint into distributed compute capacity to support artificial intelligence workloads.

The fourth-quarter and full-year results illustrate the financial strain of rapid scaling in a volatile market: higher production costs, large impairment charges and mark-to-market losses can quickly offset operational revenue gains. Readers are encouraged to verify details independently.