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Jun 30, 2025
Cango Inc Q2 2025 Earnings Report
Cango Inc reported a net loss in Q2 2025 despite strong adjusted EBITDA driven by its Bitcoin mining business.
Key Takeaways
Cango Inc delivered strong operational performance in its Bitcoin mining segment, achieving $139.8 million in revenue and $99.1 million in adjusted EBITDA. However, a large non-cash impairment and discontinued operations led to a GAAP net loss of $295.4 million.
Revenue reached $139.8 million, primarily from Bitcoin mining.
Net loss was $295.4 million due to a $256.9 million non-cash impairment and $115.2 million in discontinued operations loss.
Adjusted EBITDA stood at $99.1 million, reflecting strong core business profitability.
The company mined 1,404.4 Bitcoins during the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cango plans to scale operations through energy infrastructure investment and efficiency improvements in its mining operations.
Positive Outlook
- 50 EH/s mining capacity provides scale for expansion.
- Recent acquisition of a U.S.-based 50MW facility improves energy security.
- Focus on low-cost operational models to improve margins.
- Strategic shift to Bitcoin and HPC creates growth pathways.
- Strong liquidity after China asset divestiture.
Challenges Ahead
- Exposure to Bitcoin price volatility.
- Higher cash mining costs vs vertically integrated competitors.
- Impairment charges due to equity-settled mining equipment deals.
- Non-cash accounting adjustments impact GAAP earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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