- CANG -4.03% BTC-USD +8.03%
Cango (NYSE: CANG) has released its Q3 2025 earnings, reporting total revenues of $224.6 million for the third quarter ended September 30, marking a 60.6% increase from the second quarter of 2025.
The company recorded net income of $37.3 million and operating income of $43.5 million for the period.
Revenue from Cango’s bitcoin mining business accounted for the majority of the total at $220.9 million. Cango mined 1,930.8 bitcoin during the third quarter. This figure represents a 37.5% increase in total output compared to the second quarter of 2025.
Cango’s Adjusted EBITDA for the third quarter was $80.1 million. This compares to $1.2 million in the same period of 2024. Cash and cash equivalents totaled $44.9 million as of September 30.
Cango’s daily bitcoin production averaged 21.0 bitcoin, a 36% increase over the prior period.
“This quarter marks a significant milestone. It’s been one year since our strategic transformation into a bitcoin miner,” Cango CEO Paul Yu said in a statement. “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.”
The average cost to mine a single bitcoin was $81,072 excluding depreciation of mining machines, and Cango’s all-in cost per bitcoin was $99,383. Cango has mined a total of 5,810 bitcoin since entering the industry quietly in Q4 2024.
Cango’s average operating hashrate increased from 40.91 exahashes per second (EH/s) in July to 44.85 EH/s in September. This average further improved to 46.09 EH/s in October. Management attributed the performance gains to facility relocations, operational enhancements, and hardware upgrades.
“While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy,” Yu said. “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.'”
The company outlined a roadmap that includes three sequential phases. The near-term phase involves entering the market with GPU computing power leasing focused on node deployment.
The medium-term plan focuses on establishing self-operated data center hubs to offer inference services. The long-term objective is the creation of a global AI compute grid integrating multiple hubs and edge nodes.
For expansion, Cango said that it has energy projects currently underway in Oman and Indonesia. The company expects these projects to be commissioned within the next one to two years. Cango executed phased pilots across both energy and AI compute sectors during the quarter.
Cango also changed its reporting currency from RMB to USD effective this quarter.
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