U.S. publicly listed company Cango Inc. (Cango) has released its unaudited financial performance for the fourth quarter and the full year ending December 31, 2025. The company currently focuses on Bitcoin mining as its core business and is advancing the construction of an integrated energy and AI computing power platform, relying on a global layout.

Financial and Operational Summary for the Year 2025 and Fourth Quarter

• In terms of finance, the company achieved total revenue of $688.1 million for the year, with fourth-quarter revenue reaching $179.5 million. The Bitcoin mining business has become the primary source of income, contributing $675.5 million in revenue for the year and $172.4 million in the fourth quarter. The full-year adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $24.5 million, but due to multiple factors, the adjusted EBITDA for the fourth quarter was negative $156.3 million.
• In terms of operations, the company mined a total of 6,594.6 Bitcoins for the year, averaging about 18.07 Bitcoins per day; in the fourth quarter, the output was 1,718.3 Bitcoins, averaging about 18.68 per day. In terms of costs, the average mining cost per Bitcoin for the year (excluding depreciation of mining machines) was $79,707, and when accounting for all costs, it was $97,272; the corresponding costs for the fourth quarter were $84,552 and $106,251, respectively. By the end of 2025, the company had cumulatively mined 7,528.4 Bitcoins since entering the mining business.
• From a strategic perspective, the company has completed the termination of its ADR (American Depositary Receipt) project and transitioned to direct listing on the New York Stock Exchange. This move helps enhance transparency and aligns with its current strategic direction, while also aiming to broaden its investor base in the long term.

CEO Paul Yu stated that 2025 marks the beginning of the company's transformation into a Bitcoin mining enterprise. During this year, the company completed systematic adjustments to its asset structure and established a globally distributed mining network. Additionally, the company introduced a new senior management team, further strengthening its professional capabilities and competitive advantages in the fields of digital assets and energy infrastructure. With the completion of the direct listing on the New York Stock Exchange and transitioning to a dollar reporting system, the company is gradually transforming into a global AI infrastructure provider.

He further pointed out that entering 2026, the company has begun optimizing its asset-liability structure and improving the efficiency and cost aspects of mining equipment. Simultaneously, the company is advancing its transformation towards AI infrastructure. Through the EcoHash platform, the company plans to leverage its accumulation in large-scale computing power and energy networks to provide more flexible and cost-effective AI inference services. Currently, site renovations have begun, and products are continuously being developed.

Michael Zhang, CFO of Cango, stated, "In 2025, the company achieved significant revenue growth driven by scalable Bitcoin mining operations. However, due to one-off transformation costs and fair value adjustments driven by market factors, the company recorded a net loss of $452.8 million from continuing operations. In terms of financial strategy, we will focus on optimizing the balance sheet by adjusting Bitcoin reserve strategies and enhancing liquidity management to reduce leverage levels. At the same time, the company is actively introducing new capital to strengthen its capital strength, thereby maintaining sufficient financial flexibility amidst market volatility and continuing to invest in high-potential areas including AI infrastructure."

Financial Situation for the Fourth Quarter of 2025

In the fourth quarter of 2025, the company achieved total revenue of $179.5 million. Among them, the revenue from Bitcoin mining was $172.4 million, corresponding to the output of 1,718.3 Bitcoins; the revenue from international automobile trading was $4.8 million.

In this quarter, the company’s operating costs and expenses totaled $456 million, primarily arising from mining-related expenditures, impairment losses on mining machines, and losses from fair value changes of Bitcoin collateral receivables. Among these, the cost of revenue excluding depreciation was $155.3 million, depreciation expenses were $38.1 million; general and administrative expenses amounted to $9.9 million (of which approximately $1.1 million was related party expenses); impairment losses on mining machines were $81.4 million; losses from fair value changes of Bitcoin collateral receivables were $171.4 million.

Impacted by Bitcoin price fluctuations and other factors, the company recorded an operating loss of $276.6 million in the fourth quarter of 2025, compared to an operating loss of $700,000 in the same period last year. The net loss from continuing operations for the fourth quarter was $285 million, whereas the same period last year recorded a net profit of $2.4 million. Adjusted EBITDA was negative $156.3 million, while the same period last year was positive $2.4 million.

Financial Situation for the Full Year 2025

For the full year 2025, the company achieved total revenue of $688.1 million, with revenue from Bitcoin mining business amounting to $675.5 million, corresponding to a total output of 6,594.6 Bitcoins; the revenue from international automobile trading was $9.8 million.

In the full year, the total operating costs and expenses were approximately $1.1 billion. Among them, the cost of revenue excluding depreciation was $543.3 million, depreciation expenses were $116.6 million; general and administrative expenses were $28.9 million (of which approximately $1.1 million was related party expenses); impairment losses on mining machines were $338.3 million; fair value change losses of Bitcoin collateral receivables were $96.5 million.

The full-year operating loss was $437.1 million, with a net loss from continuing operations of $452.8 million, compared to a net profit of $4.8 million in the same period of 2024. Excluding factors such as stock-based compensation expenses, the non-GAAP (Generally Accepted Accounting Principles) adjusted net profit for 2025 was $24.5 million, higher than $5.7 million in 2024.

Balance Sheet Situation

As of December 31, 2025, the company’s main assets and liabilities are as follows:

• Cash and cash equivalents: $41.2 million
• Bitcoin collateral receivables (non-current, related party): $663 million
• Net value of mining machine assets: $248.7 million
• Related party long-term debt: $557.6 million

The company stated that it sold 4,451 Bitcoins in February 2026 and used the proceeds to repay part of related party long-term debt, in order to reduce the overall leverage level and optimize the balance sheet structure.

Share Repurchase Plan

According to the share repurchase plan announced on March 13, 2025, as of December 31, 2025, the company has cumulatively repurchased 890,155 Class A common shares, using approximately $1.2 million in cash.

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