Canggu (CANG.US) today announced its full-year results for 2025, recording total revenue of $688 million, with a cumulative bitcoin production of 6,594.6 coins, an average daily output of 18.07 coins, successfully establishing a globally distributed mining layout. In its first year of transformation, the company achieved a positive adjusted EBITDA for the entire year ($24.5 million), demonstrating the main business's strong cash-generating capacity. The company also completed a direct listing on the New York Stock Exchange and has since switched to dollar reporting after divesting its Chinese legacy assets within the year, marking a strategic evolution towards becoming a global AI infrastructure firm.

Operating Data Shows Solid Foundation

Canggu has secured an important position in the industry. Throughout the year, the hashing power reached 50 EH/s, accounting for about 4-5% of the global bitcoin hashing power network. In the fourth quarter of 2025, the company's average operating hashing power reached 44.6 EH/s, with a quarterly output of 1,718.3 bitcoins, contributing revenue of $172 million.

Hashing power efficiency is a key indicator of operational capability. For the entire year of 2025, the company’s average hashing power efficiency was 90.3%, with the fourth quarter at 89.2%. This data is at a relatively high level in the industry, indicating that despite being in a transitional phase, the operational maintenance capabilities of the mining machines remain highly professional.

It is noteworthy to mention the change in unit mining costs. As competition for hashing power intensified, the company’s cash mining costs temporarily reached a high of $79,000 in 2025. This also explains the recent motivations for the company’s strategy adjustments—facing a market environment where cryptocurrency prices will come under further pressure in early 2026, proactively optimizing asset structure and reducing high-cost capacity is a rational choice to respond to industry cycles.

Main Reasons for Losses

The net loss attributable to shareholders in the annual report was $622 million, seemingly contrasting with the operating results. However, upon further reading, I discovered that the losses primarily stemmed from one-time accounting adjustments during the business transformation, rather than continuous deterioration in the main business.

First are the non-recurring items related to the transformation. The company completed the sale of its Chinese legacy assets in May 2025, generating a one-time accounting loss of approximately $169 million. Simultaneously, when acquiring 18 EH/s mining machine assets using equity as consideration, due to the stock price rising on the delivery date compared to the signing date, an accounting standard required a revaluation of the share consideration, resulting in a non-cash loss of $257 million. These two items together account for approximately $426 million, making up a substantial portion of the total losses, and both are one-off or non-cash in nature.

Secondly, the volatility in the market had accounting impacts. At the end of last year's fourth quarter, bitcoin prices saw a significant pullback, leading the company to record a bitcoin fair value fluctuation loss of $96.5 million. At the same time, the decline in cryptocurrency prices led to a drop in the fair value of mining machines, prompting an impairment allowance of $81 million at year-end. These two items together reflect the short-term impact of systemic risks in the industry on the company's accounting figures, amounting to approximately $180 million.

Recent Adjustments

Since February 2026, the company has gradually implemented several measures:

First, optimizing the balance sheet. Canggu strategically disposed of approximately 4,451 bitcoins from inventory, used to repay loans and reduce debt size, and continues to conduct monthly bitcoin sales, selling newly mined bitcoins in batches to cover daily operating expenses. In my view, this action does not indicate a pessimistic outlook on the future price of bitcoin but is more about financial structure considerations to reduce interest-bearing liabilities and lower future volatility risks.

Second, supplementing capital. Canggu completed a $10.5 million capital increase from shareholders and signed a new round of capital increase agreements totaling $65 million with Armada Network Limited and Fortune Peak Limited. This strengthens equity at the industry's cycle low point and reserves capital for future development.

Third, on the operational side, the company is orderly phasing out some high-energy-consuming older mining machines, shifting hashing power to areas with lower electricity prices. This will lead to a contraction in hashing power scale in the short term, but the goal is to enhance overall energy efficiency, lower the cost per coin mined, and strengthen the company’s ability to withstand market fluctuations.

AI Transformation: From Bitcoin Mining to Computing Services

If the aforementioned adjustments are a slimming process, then the layout of the AI business represents a new direction the company is preparing for the next stage.

The company has established a wholly-owned subsidiary EcoHash in Texas. From the website information, EcoHash focuses on high-performance computing and AI inference. Unlike startups that build AI infrastructure from scratch, its entry point is existing resources—operational experience from distributed computing infrastructure and the energy networks accumulated from global bitcoin mining farms.

In terms of specific advancement, the company is currently standardizing the transformation of AI nodes at its owned mining site in Georgia, USA, and containerized GPU computing products have entered the deliverable phase. This path is similar to the transformation direction of some bitcoin mining companies, leveraging the electrical resources and site advantages of mining farms to enter the AI computing service market.

Observation and Outlook

From the financial report numbers, the company is still in the investment phase of its transformation, with accounting losses mainly reflecting one-time adjustments and industry cycle impacts. From recent actions, reducing debt, optimizing costs, supplementing capital, and laying out AI point towards strengthening Canggu's financial resilience in the industry cycle while reserving new growth points for the next phase.

For investors concerned about the company’s subsequent development, the indicators to watch may include: changes in mining costs per coin after cost optimization, the rhythm of the AI business from proof to implementation, and whether the company can respond more flexibly to market changes after balance sheet restoration.

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