Cango Releases 2025 Financial Report: Advancing Toward AI Infrastructure

Cango Inc. (Cangu) listed on the U.S. stock market has released its unaudited financial results for the fourth quarter and full year ending December 31, 2025. The company currently focuses on Bitcoin mining as its core business, while leveraging a global presence to advance the development of an integrated energy and AI computing platform.

2025 Full Year and Fourth Quarter Financial and Operational Summary

• Financially, the company achieved a total revenue of $688.1 million for the full year, with $179.5 million in the fourth quarter. Bitcoin mining has become the main revenue source, contributing $675.5 million annually and $172.4 million in the fourth quarter. The full-year Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $24.5 million, but due to multiple factors, the fourth quarter showed an Adjusted EBITDA of negative $156.3 million.
• Operationally, the company mined a total of 6,594.6 Bitcoins in 2025, averaging about 18.07 Bitcoins per day; in the fourth quarter, output was 1,718.3 Bitcoins, averaging approximately 18.68 per day. The average cost per Bitcoin mined (excluding depreciation of mining equipment) for the year was $79,707, and including all costs, $97,272; in the fourth quarter, these costs were $84,552 and $106,251 respectively. As of the end of 2025, the company has mined a total of 7,528.4 Bitcoins since entering the mining business.
• Strategically, the company has completed the termination of its ADR (American Depositary Receipt) program and transitioned to direct listing on the NYSE. This move aims to enhance transparency, align with its current strategic direction, and potentially expand its investor base in the long term.

CEO Paul Yu stated that 2025 marked the beginning of the company’s transformation into a Bitcoin mining enterprise. During this year, the company completed a systematic restructuring of its asset portfolio and established a globally distributed mining network. Additionally, the company introduced new senior management to further strengthen its expertise and competitive edge in digital assets and energy infrastructure. With the completion of the NYSE direct listing and a shift to a USD reporting system, the company is gradually transforming into a global provider of AI infrastructure.

He further noted that entering 2026, the company is working on optimizing its asset-liability structure and improving the efficiency and cost of its mining equipment. Meanwhile, the company is advancing its transition toward AI infrastructure. Through the EcoHash platform, it plans to leverage its scale in computing power and energy networks to offer more flexible and cost-effective AI inference services. Related site renovations have already begun, and product development is ongoing.

Michael Zhang, Cango’s CFO, stated: “In 2025, driven by the scale of Bitcoin mining, the company achieved significant revenue growth. However, due to one-time transformation costs and fair value adjustments driven by market factors, our ongoing operations recorded a net loss of $452.8 million. Financially, we will focus on optimizing our balance sheet by adjusting Bitcoin reserve strategies and strengthening liquidity management to reduce leverage. Additionally, the company is actively raising new capital to enhance its financial strength, maintaining sufficient flexibility amid market volatility and continuing investments in high-potential areas including AI infrastructure.”

2025 Fourth Quarter Financial Results

In Q4 2025, the company achieved total revenue of $179.5 million. Bitcoin mining revenue was $172.4 million, corresponding to the output of 1,718.3 Bitcoins; international auto trade revenue was $4.8 million.

Operational costs and expenses for this quarter totaled $456 million, mainly from mining-related expenses, mining equipment impairments, and fair value losses on Bitcoin collateral receivables. Excluding depreciation, the cost of revenue was $155.3 million, with depreciation expenses of $38.1 million; general and administrative expenses were $9.9 million (including approximately $1.1 million related-party expenses); impairment losses on mining equipment were $81.4 million; and fair value losses on Bitcoin collateral receivables amounted to $171.4 million.

Due to Bitcoin price fluctuations and other factors, the company recorded an operating loss of $276.6 million in Q4 2025, compared to a loss of $0.7 million in the same period last year. The net loss from continuing operations was $285 million, versus a net profit of $2.4 million in the prior year. Adjusted EBITDA was negative $156.3 million, compared to positive $2.4 million in the same quarter last year.

2025 Full Year Financial Results

For the full year 2025, the company achieved total revenue of $688.1 million, with Bitcoin mining revenue of $675.5 million, corresponding to the production of 6,594.6 Bitcoins; international auto trade revenue was $9.8 million.

Total operating costs and expenses for the year were approximately $1.1 billion. Excluding depreciation, the cost of revenue was $543.3 million, with depreciation expenses of $116.6 million; general and administrative expenses were $28.9 million (including about $1.1 million related-party expenses); impairment losses on mining equipment were $338.3 million; and fair value losses on Bitcoin collateral receivables were $96.5 million.

The company recorded an operating loss of $437.1 million for the year, with a net loss from continuing operations of $452.8 million, compared to a net profit of $4.8 million in 2024. Excluding stock-based compensation and other factors, the non-GAAP net profit for 2025 was $24.5 million, higher than $5.7 million in 2024.

Assets and Liabilities

As of December 31, 2025, the company’s main assets and liabilities were as follows:

• Cash and cash equivalents: $41.2 million
• Bitcoin collateral receivables (non-current, related-party): $663 million
• Net mining equipment assets: $248.7 million
• Related-party long-term debt: $557.6 million

The company announced that in February 2026, it sold 4,451 Bitcoins and used the proceeds to repay part of its related-party long-term debt, aiming to reduce overall leverage and optimize its asset-liability structure.

Share Repurchase Program

As of December 31, 2025, under the share repurchase plan announced on March 13, 2025, the company had repurchased a total of 890,155 Class A common shares, using approximately $1.2 million in cash.