Cango (NYSE:CANG) executives used the company’s fourth-quarter and full-year 2025 earnings call to detail the first full year of its transformation after pivoting to Bitcoin mining in November 2024, while also outlining early steps toward a new high-performance computing (HPC) and AI inference initiative.
Transformation year: asset shift, management changes, and listing update
Chief Executive Officer Peng Yu described 2025 as a “landmark year” and the company’s first year of transformation into a Bitcoin mining-focused business. Yu said Cango completed several objectives during the year, including relocating assets from its traditional auto finance business to Bitcoin mining operations within six months, building what he called a “global distributed mining network,” and strengthening the board and management team with industry professionals in digital assets and infrastructure.
Revenue, Bitcoin production, and mining costs
In the fourth quarter of 2025, the company reported total revenue of $179.5 million and said it produced 1,718.3 Bitcoin. For the full year 2025, Cango reported revenue of $688.1 million and total Bitcoin production of 6,594.6, according to Chief Financial Officer Yongyi Zhang.
Zhang said fourth-quarter revenue from the Bitcoin mining business was $172.4 million, while full-year mining revenue was $675.5 million. He added that the average cost to mine Bitcoin in the fourth quarter—excluding depreciation—was $84,552 per coin, with an all-in cost of $106,251 per coin. For the full year, the average cost to mine Bitcoin excluding depreciation was $79,707 per coin, with an all-in cost of $97,272 per coin.
Yu noted that Cango initially adopted a co-location model to ramp quickly, reaching 50 exahash per second (EH/s) and capturing what he estimated to be about 4% to 5% of the global network hash rate. He said rising global competition pushed cash costs per Bitcoin mined to a high of roughly $84,000 in the fourth quarter, prompting the company to take steps to improve efficiency heading into 2026.
Loss drivers: impairments, fair value losses, and transformation costs
Cango reported a net loss attributable to shareholders of $622 million for 2025, which management attributed mainly to non-recurring transformation-related items and market-driven valuation changes.
Yu cited several factors contributing to the annual loss, including:
- A one-time book loss of around $169 million from discontinued operations.
- A loss of $257 million tied to impairment related to mining equipment that the company acquired and settled in equity, which management said was triggered by significant appreciation in Cango’s share price between signing and delivery.
- A fair value loss of net $96.5 million on Bitcoin holdings following a sharp decline in crypto prices late in the fourth quarter, which Yu said was driven by macroeconomic factors and geopolitical tensions.
- An additional impairment provision of $81 million on mining machines related to the decline in their fair value.
Zhang reported fourth-quarter operating loss of $276.6 million and net loss from continuing operations of $285.0 million. For the full year, the company posted an operating loss of $437.1 million and net loss from continuing operations of $452.8 million. On a non-GAAP basis, adjusted EBITDA for the full year was $24.5 million, Zhang said.
Balance sheet, debt reduction, and shift toward monetizing Bitcoin
As of Dec. 31, 2025, Cango reported cash and cash equivalents of $41.2 million, $663.0 million of receivables for Bitcoin collateral, and mining machines carried at a net value of $248.7 million (net of depreciation). Long-term debt stood at $557.6 million, Zhang said.
Management also described actions taken after year-end to reduce leverage and improve liquidity. Yu said that in February 2026, the company sold 4,451 Bitcoin from inventory and used the proceeds to repay loans. He also said Cango completed a $10.5 million capital injection from shareholders and signed agreements with Armada Network Limited and Fortune Peak Limited for new funding totaling about $65 million.
In response to questions about the Bitcoin sale—particularly given the company’s earlier “mine and hold” messaging—management said the decision reflected an increased focus on balance sheet strength amid heightened Bitcoin price volatility. Executives also said they viewed the move as consistent with broader industry behavior in cyclical markets, where excessive exposure to a single asset can raise balance sheet risk.
2026 focus: mining efficiency and early-stage AI/HPC plans
Looking ahead, management said 2026 priorities include improving mining efficiency rather than expanding hash rate. Yu said the company is phasing out older, high-energy mining machines and relocating computing power to regions with lower electricity prices, acknowledging this could reduce total hash rate in the near term but improve fleet-wide energy efficiency and lower cost per coin.
During the Q&A, Chief Investment Officer Simon Tang said Cango does not currently have significant plans to invest in procuring new mining machines, and that new capital investment is expected to be more geared toward AI initiatives.
Yu also provided an update on the company’s AI ambitions, stating that Cango has officially established EcoHash, a wholly owned subsidiary based in Texas focused on high-performance computing and AI inference. Management positioned EcoHash as complementary to, rather than a replacement for, hyperscale data centers—focusing instead on AI inference and generative AI workloads with distributed, latency-sensitive demand. Executives said the plan is to leverage existing Bitcoin mining site energy infrastructure and deploy standardized, modular AI compute nodes in an asset-light model intended to shorten deployment timelines and lower upfront construction costs.
Management said EcoHash remains in early-stage model validation and technical integration. On infrastructure, the company has initiated a first-phase retrofit of an owned mining site in Georgia to support AI node deployment. On the product side, management said containerized GPU computing solutions had reached a “deliverable stage.”
When asked about timeline, Tang said the Georgia modular, containerized pilot could take roughly four to six months from breaking ground to coming on stream, and that the company anticipates some revenue generation from the AI model within the year. Another executive, Jiayuan Lin, said the Georgia pilot would likely use about 1 to 2 megawatts as a showcase rather than a major conversion of power from mining to AI at this stage. Lin added the company was still conducting feasibility work and referenced a ballpark estimate of around $20 million per megawatt including GPUs.
Management said it is taking a phased approach to AI investment: an initial validation phase funded primarily with internal capital, followed by expansion with partners and potential project-level structured financing if the model is validated, and later a flexible mix of equity and debt as the compute network matures and generates stable operating cash flow.
On Cango’s longer-term positioning, management said Bitcoin mining remains the foundation while AI represents an incremental growth engine. Yu said the company expects investors may increasingly evaluate performance using metrics such as revenue per megawatt, reflecting the company’s intention to allocate energy-backed computing capacity to whichever segment delivers stronger returns.
About Cango (NYSE:CANG)
Cango Inc (“Cango”) is a leading smart automotive transaction service provider in China, headquartered in Shanghai. The company operates an online?to?offline platform that integrates vehicle sourcing, financing, distribution and insurance, offering a comprehensive ecosystem for automakers, dealers and consumers. Leveraging big data analytics and cloud computing, Cango connects buyers and sellers through its proprietary digital infrastructure, facilitating transparent and efficient transactions across the automotive value chain.
Cango’s core offerings include auto financing solutions for new and used vehicles, extended consumer loans and wealth management products.
