Cango รายงานผลประกอบการไตรมาสแรก: รายได้รวม 102 ล้านดอลลาร์ ขยายธุรกิจสู่โครงสร้างพื้นฐานด้านการประมวลผล AI

Today, Bitcoin mining company Cango released its unaudited financial results for the first quarter of 2026. The company is currently leveraging its global operational capabilities to expand its business from Bitcoin mining into energy and AI computing infrastructure.

First Quarter 2026 Financial and Operational Highlights

• Financial Performance: In the first quarter of 2026, the company achieved total revenue of $102 million, with Bitcoin mining operations contributing $98.4 million, serving as the primary revenue source for the quarter. During the reporting period, the company recorded a net loss of $261.1 million. The loss primarily resulted from non-cash items, including impairment of mining machines due to the decline in Bitcoin market prices and losses from changes in the fair value of its Bitcoin holdings. As of March 31, 2026, the company's long-term debt was reduced to $30.6 million, compared to $557.6 million as of December 31, 2025. At the end of the quarter, the company held 1,026 Bitcoins as a digital asset reserve.
• Mining Operations and Costs: The company continued to improve operational efficiency while maintaining a more cautious operational scale. During the reporting period, the company's total hashrate was 37.01 EH/s, of which self-mining hashrate was 27.98 EH/s and leased hashrate was 9.02 EH/s. In the first quarter, the company mined a total of 1,266 Bitcoins. Benefiting from an optimized mining machine portfolio and cost management, the company's average cash cost per Bitcoin decreased by 9.0% quarter-over-quarter from Q4 2025 to $76,928, reflecting the company's continuous investment in improving mining operational efficiency.
• AI Business Expansion: Leveraging its existing infrastructure capabilities, the company is extending its business from Bitcoin mining to AI computing services. This quarter, Cango launched a new commercial platform, EcoHash, which plans to reapply its expertise in energy management and high-density computing to provide infrastructure support for AI computing needs. The company is currently advancing a phased pilot deployment of modular, containerized computing units. This project follows a phased approach, initially focusing on GPU computing leasing, with a future plan to gradually expand into a global AI computing network.

Cango CEO Paul Yu stated, "The company is executing a robust and disciplined strategy, solidifying its Bitcoin mining business foundation while advancing its AI infrastructure layout through EcoHash. Over the past few months, we have seen positive progress, including ongoing cost reductions from our mining machine upgrade strategy and stable global mining operations. Concurrently, the EcoHash project is progressing steadily, with relevant pilot deployments proceeding on schedule. Leveraging our global energy network and operational experience, Cango is well-positioned to further enhance operational efficiency, seize emerging opportunities in the AI computing sector, and drive long-term sustainable value creation."

Additionally, Cango CFO Simon Tang stated, "Although the first quarter presented a challenging operating environment due to industry adjustments and non-cash items, the company has made substantial progress in optimizing its cost structure and strengthening its balance sheet. We reduced long-term debt and, through strict execution of operational strategies, continued to lower our mining cash costs. Looking ahead, the company will remain focused on enhancing cash flow resilience, maintaining financial flexibility, and supporting the company's transformation into a more efficient and diversified infrastructure platform."

Financial Results from Continuing Operations for the First Quarter of 2026

Revenue

In the first quarter of 2026, the company's total revenue was $102 million, with Bitcoin mining revenue accounting for $98.4 million. Compared to the fourth quarter of 2025, total revenue decreased by approximately 43%, primarily due to the company's proactive reduction in operational hashrate. During this process, the company gradually phased out older, less efficient S19 series mining machines and converted a portion of its hashrate to leased hashrate.

Operating Costs and Expenses

In the first quarter of 2026, the company's total operating costs and expenses were $356.4 million. These costs were primarily related to the company's Bitcoin mining operations, recognition of mining machine impairment losses, losses on the disposal of mining machines, and losses from changes in the fair value of Bitcoin-secured receivables.

• Cost of revenue (excluding depreciation shown separately below) was $99.6 million, down from $155.3 million in Q4 2025, primarily due to lower electricity and hosting costs following the reduction in hashrate scale;
• Depreciation expense was $29.4 million;
• Selling, general, and administrative expenses, including related party expenses, totaled $7.2 million;
• Impairment loss on mining machines was $49 million;
• Loss on disposal of mining machines was $20.3 million;
• Loss from changes in fair value of Bitcoin-secured receivables was $151.8 million, down from $171.4 million in Q4 2025. This non-cash loss was mainly impacted by the decline in Bitcoin prices during the quarter.

Operating Loss

In the first quarter of 2026, the company's operating loss was $254.4 million, compared to an operating loss of $26.9 million in the same period of 2025. The widened loss was primarily driven by the decline in Bitcoin prices.

Net Loss from Continuing Operations

In the first quarter of 2026, the company's net loss from continuing operations was $261.1 million, compared to a net loss of $28.3 million in the same period of 2025.

Adjusted EBITDA

In the first quarter of 2026, the company's adjusted EBITDA loss was $154.1 million, compared to an adjusted EBITDA loss of $1.7 million in the same period of 2025.

Balance Sheet

As of March 31, 2026, the company held:

• Cash and cash equivalents of $7.2 million, down from $41.2 million at the end of 2025, primarily due to debt repayments and operating activities;
• Bitcoin-secured receivables, a non-current related party item, with a net value of $68.2 million;
• Mining machine assets, with a net value of $130.8 million;
• Long-term debt (related party item) of $30.6 million, a significant decrease from $557.6 million as of December 31, 2025;

Cango stated that the significant reduction in Bitcoin-secured receivables and related long-term debt reflects the company's proactive efforts to deleverage during the quarter.