Cango Inc. (CANG.US) reported its financial results for the third quarter of 2025. The company's total revenue reached $224.6 million, marking a 60.6% quarter-over-quarter increase, with Bitcoin mining revenue contributing $220.9 million. Operating profit stood at $43.5 million, while net profit was $37.3 million. Adjusted EBITDA reached $80.1 million.

The company's average operational computing power showed steady growth, rising from 40.91 EH/s in July to 46.09 EH/s in October, with operational efficiency exceeding 92%. This improvement was driven by mine relocations, enhanced operational efficiency, and hardware upgrades.

In Q3, Cango mined 1,930.8 Bitcoins, averaging 21.0 Bitcoins per day, representing a 37.5% and 36.0% quarter-over-quarter increase in total and daily production, respectively. The mining cost per Bitcoin, excluding depreciation, was $81,072, while the all-in cost stood at $99,383. To date, the company's cumulative Bitcoin production since entering the mining industry is nearing 7,000 coins.

During the earnings call, Cango highlighted the volatile market conditions and significant Bitcoin price fluctuations. The company is closely monitoring the situation and plans to dynamically manage its computing power output while exploring collaborative computing models to mitigate market risks and enhance operational stability.

Additionally, Cango outlined its AI development roadmap, which will be executed in three phases: short-term GPU computing power leasing for rapid node deployment and model validation; mid-term construction of proprietary data center hubs to evolve into regional AI computing networks for better energy and infrastructure control; and long-term establishment of a green energy-powered global distributed AI computing network integrating multiple hubs and edge nodes for seamless, scalable computing supply.