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Cango (CANG) investor relations material
Cango Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Sep, 2025
Executive summary
Completed strategic transformation into a leading Bitcoin mining company with a global, asset-light model, scaling to 50 EH/s by June 30, 2025, and divesting legacy China assets for $352 million.
Became the second largest publicly-listed Bitcoin miner by hashrate, representing 6% of global hashrate, and built a BTC treasury of 3,879.2 BTC valued at $420.5 million as of June 30, 2025.
Mined 1,404.4 Bitcoins in Q2 2025, with July production rising 44.4% month-over-month to 650.5 BTC.
Onboarded a new senior management team and restructured leadership to support digital asset, finance, and energy expertise.
Financial highlights
Q2 2025 revenue reached RMB1.0 billion ($139.8 million), with RMB989.4 million ($138.1 million) from Bitcoin mining and RMB12.4 million ($1.7 million) from automobile trading.
Adjusted EBITDA was RMB710.1 million ($99.1 million), up from RMB5.4 million year-over-year, with a margin of approximately 71%.
Net loss was RMB2.1 billion ($295.4 million), mainly due to one-off loss from discontinued operations and non-cash impairment.
Cash and cash equivalents stood at RMB843.8 million ($117.8 million) as of June 30, 2025.
Gross margin for Q2 2025 was 1.2%, down from 9.4% in Q1 2025.
Outlook and guidance
Near-term focus on maximizing value from 50 EH/s capacity through efficiency upgrades and replicating the Georgia site's low-cost model in other markets.
Medium-term plans include piloting renewable energy storage projects and retrofitting facilities for HPC applications.
Long-term vision to build a dynamic platform integrating Bitcoin mining, HPC, and green energy trading.
Reporting currency to change from RMB to USD starting Q3 2025.
Next steps for AI/HPC/green energy transformation
Target cash cost per BTC for year-end?
How will capital be allocated between growth and buybacks?
Cango's long-term AI/HPC strategy?
How to close 6 EH operational hash rate gap?
Is Cango shifting from asset-led to integrated?
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Next Cango earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
Cango Inc. operates as a comprehensive automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. The company provides a variety of services including automotive financing facilitation, automotive transaction facilitation, and after-market service facilitation. Its platform leverages technology and data to support car sourcing, transaction facilitation, logistics, and warehousing. Cango also offers specialized services through its mobile applications: Cango Haoche, for new car transactions, and Cango U-Car, for used car transactions. The company is headquartered in Shanghai, China, and its shares are listed on the NYSE.
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