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HONG KONG, Sept. 5, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) as we speak introduced its unaudited monetary outcomes for the second quarter ended June 30, 2025.
Monetary and Operational Highlights
- As of June 30, 2025, the corporate’s complete mining capability reached 50 EH/s, primarily pushed by the acquisition of 18 EH/s in June 2025. Moreover, in Could, Cango accomplished the divestiture of its China-based property for US$352 million, producing substantial liquidity to help ongoing strategic initiatives.
- Complete revenues have been US$139.8 million through the interval, with the Bitcoin mining enterprise producing income of US$138.1 million.
- Adjusted EBITDA was US$99.1 million through the interval.
- A complete of 1,404.4 Bitcoins have been mined through the quarter. Common value to mine, excluding depreciation of mining machines, was US$83,091 per Bitcoin, with all-in prices of US$98,636 per Bitcoin. As of the top of June 2025, the Firm had mined 3,879.2 Bitcoins since getting into the Bitcoin mining business.
- The online loss for the interval was primarily attributable to the one-off loss on discontinued operations and the non-cash impairment loss from mining tools contracted final November and settled through fairness in June of this yr—triggered by the numerous appreciation in Cango’s share value between signing and supply. These prices associated to the Firm’s strategic steps relatively than operational underperformance. Excluding the impairment and the one-off loss from discontinued operations, adjusted EBITDA stood at US$99.1 million through the interval, demonstrating the power and profitability of the core Bitcoin mining enterprise.
Mr. Paul Yu, CEO of Cango, mentioned, “This quarter marks a big milestone as we report our first full quarter following our strategic transformation. In simply 9 months, we’ve established ourselves as one of many largest Bitcoin miners globally, supported by our asset-light technique that permits fast scaling with minimal upfront capital. Whereas this strategy incurs greater money prices per Bitcoin, our decrease depreciation bills guarantee aggressive all-in prices and robust capital effectivity. Our latest acquisition of 18 EH/s elevated our complete mining capability to 50 EH/s, contributing to a 44% improve in Bitcoin manufacturing in July. This progress underscores the influence of our expanded operations and helps additional scaling by means of natural initiatives and strategic acquisitions. Moreover, our acquisition of fifty MW mining facility in Georgia enhances our vitality safety and lowers energy prices, offering operational experience for future HPC and vitality initiatives.”
Full article hyperlink: https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302546670.html
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