DALLAS, Dec. 2, 2025 — On December 1, Cango Inc. (NYSE: CANG) announced unaudited financial results for the third quarter ended September 30, 2025.
Key Q3 2025 financial and operational highlights:
– Total revenues were US$224.6 million in Q3 2025, up 60.6% versus Q2 2025; revenue from the bitcoin mining business totaled US$220.9 million.
– Operating income was US$43.5 million and net income was US$37.3 million. Adjusted EBITDA for the quarter was US$80.1 million.
– Average operating hashrate increased 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% rise in total output and a 36.0% increase in daily production compared with Q2 2025. Average cost to mine, excluding depreciation of mining machines, was US$81,072 per BTC; all-in costs were US$99,383 per BTC. As of September 30, 2025, Cango had mined 5,810 BTC since entering the bitcoin mining industry.
– Cango completed termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure, increase transparency and align with its strategic focus.
Commenting on the results, Paul Yu, Chief Executive Officer, said the quarter marked a meaningful milestone one year after the company’s strategic pivot to bitcoin mining. He highlighted the company’s emphasis on scaled, disciplined mining operations — pointing to the 1,930.8 BTC produced and the 21.0 BTC daily average — and described a long-term vision to develop a global, distributed AI compute network powered by green energy, using bitcoin mining as the practical on-ramp. In the near term, Cango will continue to monitor market dynamics, manage deployed output and pursue partnerships to mitigate market risks and enhance operating stability.
For the full report: 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]