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.
Cango plans to scale operations through energy infrastructure investment and efficiency improvements in its mining operations.
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