Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results

DALLAS, Dec. 1, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial and Operational Highlights

Mr. Paul Yu, Chief Executive Officer of Cango, said, "This quarter marks a significant milestone. It's been one year since our strategic transformation into a bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango's position as a scaled and operationally disciplined bitcoin miner. Today, we operate a deployed hashrate of 50 EH/s globally, positioning us among the leading miners worldwide. In the third quarter, we mined 1,930.8 BTC, with an average daily production of 21.0 BTC.

"While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy. We view bitcoin mining as the practical on-ramp toward our energy and compute ambitions, following the sequence of 'from bitcoin mining to energy access, and from operational depth to AI compute deployment.' In the third quarter, we executed our phased roadmap with strict financial discipline, launching small-scale pilots with clear technical and IRR thresholds across both energy and AI compute. Our energy projects in Oman and Indonesia are now underway and are expected to be commissioned within the next one to two years, providing strategic support for subsequent AI infrastructure development. In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability."

Mr. Michael Zhang, Chief Financial Officer of Cango, stated, "This was a standout quarter. Total revenues in the third quarter of 2025 were US$224.6 million, up 60.6% compared with the second quarter of 2025. We recorded operating income of US$43.5 million and a net income of US$37.3 million in the third quarter of 2025. As of September 30, 2025, we had cash and cash equivalents of US$44.9 million. Going forward, we believe our balance sheet strength allows for a healthy and sustainable AI transition, enabling us to scale according to the compute roadmap we presented."

Roadmap Forward

With the AI pilot projects underway, the Company's roadmap going forward now has greater granularity and will be executed in three sequential phases.

Third Quarter 2025 Financial Results from Continuing Operations

REVENUES

Total revenues were US$224.6 million in the third quarter of 2025. Revenue from the bitcoin mining business was US$220.9 million, with a total of 1,930.8 BTC mined in the third quarter of 2025. Revenue from international automobile trading income was US$3.3 million in the third quarter of 2025.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses in the third quarter of 2025 were US$181.2 million. These costs were primarily associated with the Company's bitcoin mining business.

INCOME FROM OPERATIONS

Income from operations in the third quarter of 2025 was US$43.5 million, compared with an operating loss of US$1.2 million in the same period of 2024.

NET INCOME

Net income in the third quarter of 2025 was US$37.3 million, compared with a net income of US$9.5 million in the same period of 2024.

ADJUSTED EBITDA

Adjusted EBITDA in the third quarter of 2025 was US$80.1 million compared with US$1.2 million in the same period of 2024.

BALANCE SHEETS

As of September 30, 2025, the Company held:

Reporting Currency

The Company has changed the reporting currency of its consolidated financial statements from Renminbi to U.S. dollars, reflecting the U.S dollar–denominated profile of its revenues and profit following the divestiture of its China-based business in May 2025. This change is effective from the third quarter of 2025, with all comparative figures recast to U.S. dollars.

Conference Call Information

The Company's management will hold a conference call on Monday, December 1, 2025, at 8:00 P.M. Eastern Time or Tuesday, December 2, 2025, at 9:00 A.M Hong Kong Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

+1-412-902-4272

United States Toll Free:

+1-888-346-8982

Mainland China Toll Free:

4001-201-203

Hong Kong, China Toll Free:

800-905-945

Conference ID:

Cango Inc.

The replay will be accessible through December 8, 2025, by dialing the following numbers:

International:

+1-412-317-0088

United States Toll Free:

+ 1-855-669-9658

Access Code:

4785049

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com.

About Cango Inc.

Cango Inc. (NYSE: CANG) is primarily engaged in the bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com.

Use of Non-GAAP Financial Measure

As part of our review of business performance, we present adjusted EBITDA as Non-GAAP financial measure to help assess our core operating results. Adjusted EBITDA is defined as net income or loss before interest, taxes, depreciation, and amortization, impairment, results from discontinued operations and further excludes share-based compensation expenses and other non-operating income and expenses. We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments.

While adjusted EBITDA is not a measure defined under U.S. GAAP, management uses it to evaluate performance, make strategic decisions, and set operating plans. Management believes it also helps investors gain a clearer understanding of our underlying performance by excluding certain costs and expenses that management believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Roadmap Forward" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Juliet Ye, Head of Communications

Cango Inc.

Email: [email protected]

Christensen Advisory

Tel: +852 2117 0861

Email: [email protected]

CANGO INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in US dollar ("US$"), except for number of shares and per share data)

As of December 31, 2024

As of September 30, 2025

US$

ASSETS:

Current assets:

Cash and cash equivalents

90,431,392

44,897,802

Crypto currency

41,838

Short-term investments, net

40,051,450

Accounts receivable, net

1,645,518

2,903,220

Prepayments and other current assets, net

26,966,209

127,265,543

Prepayments and other current assets, net - related parties

114,184,887

Receivable for bitcoin collateral - current, net - related party

84,536,567

Current assets of discontinued operations

230,113,402

Total current assets

473,744,538

289,293,290

Non-current assets:

Mining machines, net

242,806,713

365,676,067

Property and equipment, net

65,460

19,197,894

Intangible assets, net

297,731

Deferred tax assets

624,031

Operating lease right-of-use assets, net

184,381

2,250,166

Receivable for bitcoin collateral - non-current, net - related party

660,045,300

Other non-current assets, net

44,621,402

Non-current assets of discontinued operations

56,357,205

Total non-current assets

344,035,161

1,048,091,189

TOTAL ASSETS

817,779,699

1,337,384,479

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term debts - related party

17,067,978

Accrued expenses and other current liabilities

170,990,519

155,876,879

Accrued expenses and other current liabilities - related parties

3,238,821

Income tax payable

48,609,811

82,331,907

Short-term lease liabilities

180,236

494,271

Current liabilities of discontinued operations

20,517,367

Total current liabilities

257,365,911

241,941,878

Non-current liabilities:

Long-term debts - related party

405,132,591

Deferred tax liability

Long-term operating lease liabilities

1,854,280

Non-current liabilities of discontinued operations

6,546,889

Total non-current liabilities

6,546,890

406,986,872

Total liabilities

263,912,801

648,928,750

Shareholders' equity

Ordinary shares

29,504

44,171

Treasury shares

(111,567,030)

(110,006,201)

Additional paid-in capital

728,564,614

1,142,250,191

Accumulated other comprehensive loss

(49,574,973)

Accumulated deficit

(13,585,217)

(343,832,432)

Total Cango Inc.'s equity

553,866,898

688,455,729

Total shareholders' equity

553,866,898

688,455,729

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

817,779,699

1,337,384,479

CANGO INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME

(Amounts in US dollar ("US$"), except for number of shares and per share data)

Three months ended September 30,

Nine months ended September 30,

2024

2025

2024

2025

US$

Revenues

224,635,729

508,626,360

Bitcoin mining income

220,863,310

503,133,291

International automobile trading income

3,280,773

5,001,423

Others

491,646

Operating cost and expenses:

Cost of revenue (exclusive of depreciation shown below)

159,383,806

384,831,791

Cost of revenue (exclusive of depreciation shown below) - related parties

3,188,925

Cost of revenue (depreciation)

35,356,473

78,550,799

General and administrative

1,222,709

5,994,066

4,426,314

19,008,822

Provision for credit losses

471,861

1,681,320

Impairment loss from mining machines

256,856,570

Gain from changes in fair value of receivable for bitcoin collateral

(23,234,260)

(74,949,636)

Total operation cost and expense

1,222,709

181,160,871

4,426,314

669,168,591

(Loss) income from operations

(1,222,709)

43,474,858

(4,426,314)

(160,542,231)

Interest income

2,066,213

972,710

6,361,881

1,963,883

Interest expense - related party

(7,376,591)

(10,740,197)

Foreign exchange loss, net

(122,597)

(130,585)

Other income

229,464

1,978,466

395,915

2,205,459

Other expenses

(5,344)

(83,439)

Net income (loss) before income taxes

1,072,968

38,921,502

2,331,482

(167,327,110)

Income tax expenses

(1,601,562)

(451,087)

Net income (loss) from continuing operations

1,072,968

37,319,940

2,331,482

(167,778,197)

Discontinued operations:

Income (Loss) from discontinued operations

8,004,120

31,736,855

(129,822,040)

Income tax benefit (expense)

447,395

(160,095)

(32,646,978)

Net income (loss) from discontinued operations

8,451,515

31,576,760

(162,469,018)

Net income (loss) attributable to Cango Inc.'s shareholders

9,524,483

37,319,940

33,908,242

(330,247,215)

Earnings (losses) per ordinary share:

Basic

Discontinued operations

0.04

0.15

(0.62)

Continuing operations

0.01

0.11

0.01

(0.65)

Basic

0.05

0.11

0.16

(1.27)

Diluted

Discontinued operations

0.04

0.14

(0.62)

Continuing operations

0.10

0.01

(0.65)

Diluted

0.04

0.10

0.15

(1.27)

Weighted average shares used to compute earnings (losses) per ordinary share:

Basic

206,973,996

354,492,530

208,693,418

259,254,322

Diluted

227,823,258

383,939,436

225,706,030

259,254,322

Other comprehensive income, net of tax

Release accumulated other comprehensive loss

44,270,340

Foreign currency translation adjustment

14,789,288

5,672,346

5,304,633

Total comprehensive income (loss)

24,313,771

37,319,940

39,580,588

(280,672,242)

Total comprehensive income (loss) attributable to Cango Inc.'s shareholders

24,313,771

37,319,940

39,580,588

(280,672,242)

CANGO INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in US dollar ("US$"), except for number of shares and per share data

Three months ended September 30,

Nine months ended September 30,

2024

2025

2024

2025

(Unaudited)

US$

Net income (loss)

9,524,483

37,319,940

33,908,242

(330,247,215)

Less: Discontinued operations:

Income (Loss) from discontinued operations

8,004,120

31,736,855

(129,822,040)

Income tax benefit (expense)

447,395

(160,095)

(32,646,978)

Net income (loss) from discontinued operations

8,451,515

31,576,760

(162,469,018)

Net income (loss) from continuing operations

1,072,968

37,319,940

2,331,482

(167,778,197)

Add: Interest expense

7,376,591

10,740,197

Add: Income tax benefit

1,601,562

451,087

Add: Depreciation and amortization

35,679,472

791

78,880,671

Cost of revenue

35,676,840

78,871,166

General and administrative

2,632

791

9,505

Add: Impairment loss from mining machines

256,856,570

Add: Other expenses

5,344

83,439

Less: Other income

229,464

1,978,466

395,915

2,205,459

Add: Share-based compensation expenses

362,383

122,081

1,441,495

3,819,943

General and administrative

362,383

122,081

1,441,495

3,819,943

Non-GAAP adjusted EBITDA

1,205,971

80,126,524

3,377,853

180,848,251

Non-GAAP adjusted EBITDA attributable to Cango Inc.'s shareholders

1,205,971

80,126,524

3,377,853

180,848,251

SOURCE Cango Inc.