DALLAS, March 17, 2026 /PRNewswire/ — Cango Inc. (NYSE: CANG), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Financial and Operational Highlights
- Total revenues were $688.1 million for the full year, including US$179.5 million in Q4. Revenue from the bitcoin mining business was US$675.5 million for the year, including US$172.4 million in Q4. Adjusted EBITDA for the year was US$24.5 million, while Q4 recorded an adjusted EBITDA loss of US$156.3 million.
- A total of 6,594.6 Bitcoins were mined over the year, averaging 18.07 Bitcoins per day, of which 1,718.3 Bitcoins were mined in Q4 (averaging 18.68 Bitcoins per day). The average cost to mine, excluding machine depreciation, was $79,707 per Bitcoin for the year and $84,552 in Q4. All-in costs were $97,272 per Bitcoin for the year and $106,251 in Q4. Since entering the industry, the Company had mined 7,528.4 Bitcoins as of December 2025.
- The Company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to enhance transparency, and align with its strategic focus, potentially broadening its investor base.
Paul Yu, CEO, said, “2025 marked our inaugural year as a Bitcoin miner, defined by swift execution. We initiated a comprehensive asset restructuring and established a globally distributed mining footprint. Entering 2026, we proactively strengthened our balance sheet and optimized our mining fleet to enhance efficiency and cost resilience. Concurrently, we are advancing our pivot to become an AI infrastructure provider. Through EcoHash, we are leveraging our expertise in scalable computing and energy networks to deliver flexible, cost-effective AI inference solutions. With initial site retrofits underway and product ready for deployment, we are positioned to execute with focus and strategic discipline in the new era.”
Michael Zhang, CFO, stated, “In 2025, Cango delivered significant revenue growth from our scaled Bitcoin mining operations. The net loss from continuing operations of US$452.8 million was primarily due to non-recurring transformation costs and market-driven fair-value adjustments. Our financial strategy focused on strengthening the balance sheet to reduce leverage via an adjusted Bitcoin treasury policy and liquidity management, while securing new equity infusion to provide the flexibility needed to navigate volatility and invest in high-potential areas like AI infrastructure.”
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