AI infrastructure business enters commercialization phase, Cango reports Q2 revenue of $50.8 million

Odaily News - NYSE-listed Cango reported Q2 revenue of $50.8 million, with BTC mining operations contributing $47.4 million and other business revenue of $3.4 million. As of June 30, Cango held 1,056 BTC, with cash and cash equivalents of $10.1 million and long-term debt of $31.2 million.

In mining operations, Cango phased out lower-efficiency S19 series miners and partially shifted to a hash rate leasing model. As of June 30, the company's self-operated hash rate stood at 19.84 EH/s, with leased hash rate at 7.74 EH/s, totaling 27.58 EH/s in operational hash rate. In Q2, the company mined 656 BTC at an average cash mining cost of $73,313 per coin, down approximately 5% from Q1. Cango also began implementing a BTC hedging strategy to mitigate the impact of price volatility on operating cash flow.

On the AI infrastructure front, Cango's LN mining site in Georgia, USA, completed its retrofitting in early July and now supports up to 3 megawatts of capacity, with room reserved for future expansion. Containerized equipment has been installed, and GPU hardware is arriving in batches. Cango has signed its first AI customer contract and expects to begin recognizing related revenue in Q3.

Additionally, Cango plans to develop both bare-metal GPU hosting and cabinet colocation models simultaneously, though no formal cabinet colocation contracts have been signed yet. The company has deployed test nodes in Texas and along the US West Coast to meet customers' low-latency deployment needs, and is evaluating additional potential sites and the feasibility of self-built facilities.