HONG KONG, Sept. 4, 2025 /PRNewswire/ -- Cango Inc. $(CANG)$ today announced its unaudited financial results for the second quarter ended June 30, 2025.

Financial and Operational Highlights

   -- As of June 30, 2025, the company's total mining capacity reached 50 EH/s, 
      primarily driven by the acquisition of 18 EH/s in June 2025. Furthermore, 
      in May, Cango completed the divestiture of its China-based assets for 
      US$352 million, generating substantial liquidity to support ongoing 
      strategic initiatives. 
 
   -- Total revenues were US$139.8 million during the period, with the Bitcoin 
      mining business generating revenue of US$138.1 million. 
 
   -- Adjusted EBITDA was US$99.1 million during the period. 
 
   -- A total of 1,404.4 Bitcoins were mined during the quarter. Average cost 
      to mine, excluding depreciation of mining machines, was US$83,091 per 
      Bitcoin, with all-in costs of US$98,636 per Bitcoin. As of the end of 
      June 2025, the Company had mined 3,879.2 Bitcoins since entering the 
      Bitcoin mining industry. 
 
   -- The net loss for the period was mainly attributable to the one-off loss 
      on discontinued operations and the non-cash impairment loss from mining 
      equipment contracted last November and settled via equity in June of this 
      year--triggered by the significant appreciation in Cango's share price 
      between signing and delivery. These charges related to the Company's 
      strategic steps rather than operational underperformance. Excluding the 
      impairment and the one-off loss from discontinued operations, adjusted 
      EBITDA stood at US$99.1 million during the period, demonstrating the 
      strength and profitability of the core Bitcoin mining business. 

Mr. Paul Yu, CEO of Cango, said, "This quarter marks a significant milestone as we report our first full quarter following our strategic transformation. In just nine months, we've established ourselves as one of the largest Bitcoin miners globally, supported by our asset-light strategy that enables quick scaling with minimal upfront capital. While this approach incurs higher cash costs per Bitcoin, our lower depreciation expenses ensure competitive all-in costs and strong capital efficiency. Our recent acquisition of 18 EH/s increased our total mining capacity to 50 EH/s, contributing to a 44% increase in Bitcoin production in July. This growth underscores the impact of our expanded operations and supports further scaling through organic initiatives and strategic acquisitions. Additionally, our acquisition of 50 MW mining facility in Georgia enhances our energy security and lowers power costs, providing operational expertise for future HPC and energy initiatives."

Full article link: https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302546670.html

Investor Relations Contact

Email: ir@cangoonline.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547129.html

SOURCE Cango Inc.

(END) Dow Jones Newswires

September 04, 2025 17:30 ET (21:30 GMT)