Cango Inc. Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results

Bitcoin miner Cango Inc. announces strong revenue growth but significant net loss in 2025 due to non-recurring costs and market volatility

Mar. 17, 2026 at 3:00am

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Cango Inc., a leading Bitcoin miner, reported its unaudited financial results for the fourth quarter and full year of 2025. The company saw significant revenue growth from its mining operations, generating $688.1 million in total revenues for the year, including $179.5 million in the fourth quarter. However, Cango recorded a net loss from continuing operations of $452.8 million for the full year, primarily due to non-recurring transformation costs and market-driven fair-value adjustments. The company mined a total of 6,594.6 Bitcoins in 2025, with an average cost of $97,272 per Bitcoin. Cango also completed the termination of its ADR program and transitioned to a direct listing on the NYSE to enhance corporate transparency and align with its strategic focus.

Why it matters

Cango's financial results highlight the challenges facing the Bitcoin mining industry, with volatile cryptocurrency prices and high operating costs impacting profitability. The company's transition to a direct NYSE listing signals its efforts to improve transparency and potentially broaden its investor base as it pivots towards becoming an AI infrastructure provider, leveraging its expertise in scalable computing and energy networks.

The details

Cango reported total revenues of $688.1 million for the full year of 2025, with $675.5 million coming from its Bitcoin mining business. The company mined a total of 6,594.6 Bitcoins over the year, at an average cost of $97,272 per Bitcoin. However, Cango recorded a net loss from continuing operations of $452.8 million for the full year, primarily due to non-recurring transformation costs and market-driven fair-value adjustments. The company also reported an adjusted EBITDA of $24.5 million for the full year.

  • Cango completed the termination of its ADR program and transitioned to a direct listing on the NYSE in 2025.
  • Cango entered the Bitcoin mining industry in November 2024.

The players

Cango Inc.

A leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform.

Paul Yu

Chief Executive Officer of Cango Inc.

Michael Zhang

Chief Financial Officer of Cango Inc.

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What they’re saying

“2025 marked our inaugural year as a Bitcoin miner, defined by swift execution. We initiated a comprehensive asset restructuring and successfully established a globally distributed mining footprint. Furthermore, we appointed a new senior management team, bolstering our expertise and competitive edge in digital-assets and energy infrastructure. The completion of our direct NYSE listing and shift to U.S. dollar reporting further reflect our evolution into a global AI infrastructure company.”

— Paul Yu, Chief Executive Officer (Cango Inc.)

“In 2025, we delivered significant revenue growth, driven by our scaled Bitcoin mining operations. We recorded a net loss from continuing operations of US$452.8 million, primarily due to non-recurring transformation costs and market-driven fair-value adjustments. Our financial strategy is focused on optimizing our balance sheet to reduce leverage via an adjusted Bitcoin treasury policy and liquidity management, while securing new capital infusions to bolster our capital base, which will provide the financial flexibility needed to navigate volatility and invest in high-potential areas like AI infrastructure.”

— Michael Zhang, Chief Financial Officer (Cango Inc.)

What’s next

Cango plans to continue optimizing its mining fleet and balance sheet to enhance efficiency and cost resilience, while advancing its pivot to become an AI infrastructure provider through its EcoHash initiative.

The takeaway

Cango's financial results underscore the challenges facing the Bitcoin mining industry, with volatile cryptocurrency prices and high operating costs impacting profitability. However, the company's transition to a direct NYSE listing and its strategic pivot towards AI infrastructure suggest it is positioning itself for long-term growth and diversification in the evolving digital economy.