Cango Releases 2025 Financial Report: Advancing Towards AI Infrastructure

US-listed company Cango Inc. has released its unaudited financial results for the fourth quarter and full year ended December 31, 2025. The company's current core business is Bitcoin mining, and leveraging its global footprint, it is advancing the construction of an integrated energy and AI computing power platform.

Financial and Operational Highlights for Full Year and Q4 2025

• Financially, the company achieved total revenue of $688.1 million for the full year, with Q4 revenue at $179.5 million. Bitcoin mining has become the primary revenue driver, contributing $675.5 million for the full year and $172.4 million in Q4. Full-year Adjusted EBITDA was $24.5 million, but in Q4, impacted by multiple factors, Adjusted EBITDA was negative $156.3 million.
• Operationally, the company mined a total of 6,594.6 Bitcoins for the year, averaging about 18.07 per day; Q4 output was 1,718.3 Bitcoins, averaging about 18.68 per day. In terms of cost, the average mining cost per Bitcoin for the year (excluding miner depreciation) was $79,707, rising to $97,272 when including all costs; the corresponding costs for Q4 were $84,552 and $106,251, respectively. As of the end of 2025, the company's cumulative Bitcoin production since entering the mining business reached 7,528.4 Bitcoins.
• Strategically, the company has completed the termination of its ADR (American Depositary Receipts) program and transitioned to a direct listing on the NYSE. This move aims to enhance transparency, align with its current strategic direction, and is expected to broaden its investor base over the long term.

Paul Yu, the company's CEO, stated that 2025 marked the beginning of the company's transformation into a Bitcoin mining enterprise. During the year, the company completed a systematic adjustment of its asset structure and established a globally distributed mining network. Concurrently, the company onboarded a new senior management team, further strengthening its professional capabilities and competitive advantages in the digital asset and energy infrastructure sectors. With the completion of the NYSE direct listing and the switch to a US dollar reporting system, the company is gradually transitioning towards becoming a global AI infrastructure provider.

He further pointed out that entering 2026, the company has begun optimizing its balance sheet structure and enhancing the efficiency and cost-effectiveness of its mining equipment. Simultaneously, the company is advancing its transition towards AI infrastructure. Through the EcoHash platform, the company plans to leverage its accumulated expertise in large-scale computing power and energy networks to offer more flexible and cost-advantageous AI inference services. Site modifications for this initiative are already underway, and product development is ongoing.

Michael Zhang, CFO of Cango, said: "In 2025, driven by our scaled Bitcoin mining operations, the company achieved significant revenue growth. However, due to one-time transformation costs and market-driven fair value adjustments, our continuing operations recorded a net loss of $452.8 million. Regarding financial strategy, our focus is on optimizing the balance sheet by adjusting Bitcoin reserve strategies and strengthening liquidity management to reduce leverage. At the same time, the company is actively seeking new capital to bolster its financial strength, ensuring sufficient flexibility to navigate market volatility and continue investing in high-potential areas, including AI infrastructure."

Q4 2025 Financial Performance

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

During the quarter, total operating costs and expenses amounted to $456 million, primarily stemming from mining-related expenditures, impairment losses on mining equipment, and losses from fair value changes in Bitcoin-collateralized receivables. Specifically, cost of revenue (excluding depreciation) was $155.3 million, depreciation expense was $38.1 million; general and administrative expenses were $9.9 million (including approximately $1.1 million in related party fees); impairment loss on mining equipment was $81.4 million; and the loss from fair value changes in Bitcoin-collateralized receivables was $171.4 million.

Affected by factors including Bitcoin price volatility, the company recorded an operating loss of $276.6 million in Q4 2025, compared to an operating loss of $0.7 million in the same period last year. The net loss from continuing operations for Q4 was $285 million, compared to a net profit of $2.4 million in the prior-year period. Adjusted EBITDA was negative $156.3 million, compared to positive $2.4 million in the same period last year.

Full Year 2025 Financial Performance

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

Total operating costs and expenses for the year were approximately $1.1 billion. This included cost of revenue (excluding depreciation) of $543.3 million, depreciation expense of $116.6 million; general and administrative expenses of $28.9 million (including approximately $1.1 million in related party fees); impairment loss on mining equipment of $338.3 million; and loss from fair value changes in Bitcoin-collateralized receivables of $96.5 million.

The full-year operating loss was $437.1 million, and the net loss from continuing operations was $452.8 million, compared to a net profit of $4.8 million in 2024. Excluding factors such as share-based compensation expenses, the non-GAAP adjusted net profit for 2025 was $24.5 million, higher than the $5.7 million in 2024.

Balance Sheet Position

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

• Cash and cash equivalents: $41.2 million
• Bitcoin-collateralized receivables (non-current, related party): $663 million
• Net book value of mining equipment: $248.7 million
• Long-term debt to related parties: $557.6 million

The company stated that in February 2026, it sold 4,451 Bitcoins and used the proceeds to repay a portion of its long-term debt to related parties, aiming to reduce overall leverage and optimize its balance sheet structure.

Share Repurchase Program

Under the share repurchase program announced on March 13, 2025, as of December 31, 2025, the company had cumulatively repurchased 890,155 Class A ordinary shares, utilizing a total of approximately $1.2 million in cash.