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

Cango Inc. Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results DALLAS, Texas, March 16, 2026 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Full year and Fourth Quarter of 2025 Financial and Operational Highlights

Mr. Paul Yu, Chief Executive Officer of Cango, said, "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."

"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 core expertise in scalable computing and energy networks to deliver flexible, cost-effective AI inference solutions. With initial site retrofits underway and products in development, we are well positioned to execute with focus and strategic discipline in the new era."

Mr. Michael Zhang, Chief Financial Officer of Cango, stated, "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."

Fourth Quarter 2025 Financial Results from Continuing Operations

REVENUES

Total revenues were US$179.5 million in the fourth quarter of 2025. Revenue from the bitcoin mining business was US$172.4 million, with a total of 1,718.3 BTC mined in the fourth quarter of 2025. Revenue from international automobile trading income was US$4.8 million in the fourth quarter of 2025.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses in the fourth quarter of 2025 were US$456.0 million. These costs were primarily associated with the Company's bitcoin mining business, the recognition of impairment loss on mining machines, and the loss from changes in fair value of receivable for bitcoin collateral.

LOSS FROM OPERATIONS

Loss from operations in the fourth quarter of 2025 was US$276.6 million, compared with an operating loss of US$0.7 million in the same period of 2024, primarily due to the decline in bitcoin prices.

NET LOSS FROM CONTINUING OPERATIONS

Net loss from continuing operations in the fourth quarter of 2025 was US$285.0 million, compared with a net income of US$2.4 million in the same period of 2024.

ADJUSTED EBITDA

Adjusted EBITDA in the fourth quarter of 2025 was US$-156.3 million compared with US$2.4 million in the same period of 2024.

Full Year 2025 Financial Results from Continuing Operations

REVENUES

Total revenues in 2025 were US$688.1 million. Revenue from the bitcoin mining business was US$675.5 million with a total of 6,594.6 Bitcoins mined as of the end of 2025. Revenues from international automobile trading income was US$9.8 million in 2025.

OPERATING COST AND EXPENSES

Total operating cost and expenses in 2025 were US$1.1 billion.

LOSS FROM OPERATIONS

Loss from operations in the full year of 2025 was US$437.1 million.

NET LOSS (INCOME) FROM CONTINUING OPERATIONS

Net loss from continuing operations in 2025 was US$452.8 million compared with net income from continuing operations of US$4.8 million in 2024. Non-GAAP adjusted net income in 2025 was US$24.5 million compared with non-GAAP adjusted net income of US$5.7 million in 2024. Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure."

BALANCE SHEET

As of December 31, 2025, the Company held:

Share Repurchase Program

Pursuant to the share repurchase program announced on March 13, 2025, the Company had repurchased 890,155 Class A ordinary shares with cash in the aggregate amount of approximately US$1.2 million up to December 31, 2025.

Conference Call Information

The Company's management will hold a conference call on Monday, March 16, 2026, at 9:00 P.M. Eastern Time or Tuesday, March 17, 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 March 23, 2026, by dialing the following numbers:

International:

+1-412-317-0088

United States Toll Free:

+ 1-855-669-9658

Access Code:

4284011

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 a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company's mining operations span over 40 sites across North America, the Middle East, South America, and East Africa.

Since entering the digital asset space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.

For more information, please visit: www.cangoonline.com and follow us on: X and LinkedIn.

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 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）

As of December 31, 2024

As of December 31, 2025

US$

ASSETS:

Current assets:

Cash and cash equivalents

90,431,392

41,243,627

Short-term investments, net

40,051,450

Crypto currencies

42,545

Accounts receivable, net

1,645,518

1,661,702

Accounts receivable, net - related party

1,064,440

Prepayments and other current assets, net

26,966,209

6,835,599

Prepayments and other current assets, net - related parties

74,270,770

Receivable for bitcoin collateral, net - current - related party

84,536,567

Current assets of discontinued operations

230,113,402

Total current assets

473,744,538

125,118,683

Non-current assets:

Mining machines, net

242,806,713

248,745,505

Property, plant, and equipment, net

65,460

18,797,925

Intangible assets, net

292,836

Operating lease right-of-use assets, net

184,381

2,079,937

Receivable for bitcoin collateral - non current - related party

662,968,814

Other non-current assets, net

44,621,402

68,025,983

Other non-current assets, net - related party

6,955,650

Non-current assets of discontinued operations

56,357,205

Total non-current assets

344,035,161

1,007,866,650

TOTAL ASSETS

817,779,699

1,132,985,333

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term debts - related party

17,067,978

Accrued expenses and other current liabilities

170,926,879

82,329,075

Accrued expenses and other current liabilities - related parties

63,640

5,025,566

Income tax payable

48,609,811

88,792,503

Short-term lease liabilities

180,236

573,959

Current liabilities of discontinued operations

20,517,367

Total current liabilities

257,365,911

176,721,103

Non-current liabilities:

Long-term debts - related party

557,567,671

Deferred tax liability

Long-term operating lease liabilities

1,655,272

Non-current liabilities of discontinued operations

6,546,889

Total non-current liabilities

6,546,890

559,222,944

Total liabilities

263,912,801

735,944,047

Shareholders' equity

Ordinary shares

29,504

44,171

Treasury shares

(111,567,030)

(103,424,568)

Additional paid-in capital

728,564,614

1,135,958,943

Accumulated other comprehensive loss

(49,574,973)

Accumulated deficit

(13,585,217)

(635,537,260)

Total Cango Inc.'s equity

553,866,898

397,041,286

Total shareholders' equity

553,866,898

397,041,286

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

817,779,699

1,132,985,333

CANGO INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME

(Amounts in US dollar ("US$"), except for number of shares)

For three months ended December 31

For the years ended

2024

2025

2024

2025

US$

Revenues

89,908,403

179,452,863

89,908,403

688,079,223

Bitcoin mining income

89,908,403

172,368,355

89,908,403

675,501,646

International automobile trading income

4,829,588

9,831,011

Other revenues

758,133

1,249,779

Other revenues from related parties

1,496,787

Operating cost and expenses:

Cost of revenue (exclusive of depreciation shown below)

63,547,329

155,279,150

63,547,329

543,299,866

Cost of revenue (depreciation)

11,539,783

38,085,617

11,539,783

116,636,416

General and administrative

11,381,020

8,809,872

15,807,334

27,818,694

General and administrative - related parties

1,079,422

Provision for credit losses

711,224

(3,876)

711,224

1,677,444

Impairment loss from mining machines

81,423,457

338,280,027

Gain from changes in fair value of crypto currencies

(115,331)

Loss from changes in fair value of receivable for bitcoin collateral

3,417,442

171,448,074

3,417,442

96,498,438

Total operation cost and expense

90,596,798

456,006,385

95,023,112

1,125,174,976

Loss from operations

(688,395)

(276,553,522)

(5,114,709)

(437,095,753)

Interest income

3,092,264

53,683

9,454,145

2,017,566

Interest expense - related party

(93,276)

(9,225,337)

(93,276)

(19,965,534)

Foreign exchange loss, net

(125)

(94,798)

(125)

(225,383)

Other income

115,377

1,859,739

511,292

4,065,198

Other expenses

(659,966)

(743,405)

Net income (loss) before income taxes

2,425,845

(284,620,201)

4,757,327

(451,947,311)

Income tax expenses

(390,936)

(842,023)

Net income (loss) from continuing operations

2,425,845

(285,011,137)

4,757,327

(452,789,334)

Discontinued operations:

Income (Loss) from discontinued operations

5,341,780

37,078,635

(129,822,040)

Income tax expense

(23,556)

(6,693,691)

(183,651)

(39,340,669)

Net income (loss) from discontinued operations

5,318,224

(6,693,691)

36,894,984

(169,162,709)

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

7,744,069

(291,704,828)

41,652,311

(621,952,043)

Earnings (losses) per ordinary share:

Basic

Discontinued operations

0.03

(0.02)

0.18

(0.60)

Continuing operations

0.01

(0.80)

0.02

(1.60)

Basic

0.04

(0.82)

0.20

(2.20)

Diluted

Discontinued operations

0.02

(0.02)

0.16

(0.60)

Continuing operations

0.01

(0.80)

0.02

(1.60)

Diluted

0.03

(0.82)

0.18

(2.20)

Weighted average shares used to compute earnings (losses) per

ordinary share:

Basic

206,720,969

354,609,443

208,197,617

283,289,035

Diluted

232,982,085

354,609,443

233,032,722

283,289,035

Other comprehensive income, net of tax

Release accumulated other comprehensive loss

44,270,340

Foreign currency translation adjustment

(16,380,732)

(10,708,386)

5,304,633

Total comprehensive income (loss)

(8,636,663)

(291,704,828)

30,943,925

(572,377,070)

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

shareholders

(8,636,663)

(291,704,828)

30,943,925

(572,377,070)

CANGO INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in US dollar ("US$"), except for number of shares

For three months ended December 31

For the years ended

2024

2025

2024

2025

(Unaudited)

US$

Net income (loss)

7,744,069

(291,704,828)

41,652,311

(621,952,043)

Less: Discontinued operations:

Income (Loss) from discontinued operations

5,341,780

37,078,635

(129,822,040)

Income tax expense

(23,556)

(6,693,691)

(183,651)

(39,340,669)

Net income (loss) from discontinued operations

5,318,224

(6,693,691)

36,894,984

(169,162,709)

Net income (loss) from continuing operations

2,425,845

(285,011,137)

4,757,327

(452,789,334)

Add: Interest expense

93,276

9,225,337

19,965,534

Add: Income tax expenses

390,936

842,023

Add: Depreciation and amortization

37,779,656

875

116,660,327

Cost of revenue

37,765,250

116,636,416

General and administrative

14,406

875

23,911

Add: Impairment loss from mining machines

81,423,457

338,280,027

Add: Other expenses

659,966

743,405

Less: Other income

115,377

1,859,739

511,292

4,065,198

Add: Share-based compensation expenses

(37,487)

1,061,434

1,404,008

4,881,377

General and administrative

(37,487)

1,061,434

1,404,008

4,881,377

Non-GAAP adjusted EBITDA

2,366,341

(156,330,090)

5,650,918

24,518,161

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

2,366,341

(156,330,090)

5,650,918

24,518,161

SOURCE Cango Inc.