Cango posts $688M 2025 mining revenue, plans AI pivot

Cango Inc. released unaudited results for the fourth quarter and year ended Dec. 31, 2025. Full-year revenue reached $688.1 million, led by Bitcoin mining, and net loss from continuing operations was $452.8 million.

Fourth-quarter revenue totaled $179.5 million. Mining contributed $675.5 million for 2025 and $172.4 million in the fourth quarter, reflecting the first full year of mining operations.

Cango produced 6,594.6 Bitcoins in 2025, averaging a little over 18 coins per day. Output improved late in the year, with 1,718.3 Bitcoins mined in the fourth quarter. Since entering mining, cumulative production stood at 7,528.4 Bitcoins as of December 2025.

Costs rose across the year. The average direct cost to mine one Bitcoin was $79,707 for 2025 and $84,552 in the fourth quarter. On an all-in basis, which includes additional expenses, the cost per coin was $97,272 for 2025 and $106,251 in the fourth quarter.

Adjusted EBITDA was $24.5 million for the full year, while the fourth quarter posted an adjusted EBITDA loss of $156.3 million. The net loss was largely linked to one-time restructuring charges and fair-value adjustments, according to the company. Cash and cash equivalents were $41.2 million at year-end.

Cango is shifting to an AI infrastructure strategy under its EcoHash platform, aiming to use existing energy and computing resources to support GPU-based inference services. A pilot in Georgia is planned to go live within four to six months, with initial revenue possible later in 2026 after the model is validated. To support the transition, former Zoom executive Jack Jin was appointed chief technology officer of the AI business.

The company completed a direct listing on the New York Stock Exchange, removing American Depositary Receipt fees for shareholders. Management outlined plans to tighten liquidity management, revise its Bitcoin treasury strategy and add new equity funding.