Cango's third-quarter revenue was $225 million, with Bitcoin mining revenue accounting for nearly 99%.

Odaily Planet Daily reports that Cango (NYSE: CANG) released its unaudited financial results for the third quarter of 2025, reporting quarterly revenue of $224.6 million, a 60.6% increase quarter-over-quarter, with Bitcoin mining contributing $220.9 million. The company recorded operating profit of $43.5 million, net profit of $37.3 million, and adjusted EBITDA of $80.1 million. The average hashrate in the third quarter rose from 40.91 EH/s in July to 44.85 EH/s in September, and further increased to 46.09 EH/s in October; a total of 1930.8 BTC were mined in the quarter, representing an increase of over 37% compared to the previous quarter.

The company stated that its mining rig migration, operational optimization, and hardware upgrades have driven improvements in energy efficiency, with an average cost per BTC (excluding depreciation) of approximately $81,072 and total costs of approximately $99,383. As of the end of the third quarter, the company had mined a cumulative total of 5,810 BTC. Cango also completed its transition from ADR to a direct listing on the NYSE to optimize its capital structure and enhance transparency.

Management stated that the company has expanded its strategy from Bitcoin mining to a long-term "energy + AI computing power" approach, and is deploying green energy-driven data centers and AI computing power networks globally. In the short term, it will provide GPU computing power leasing in a light-asset manner; in the medium term, it will build regional data centers and provide low-latency inference services; and its long-term goal is to create a globally distributed AI computing power network. The company also disclosed that it held $44.9 million in cash as of the end of September.