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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, scaling to 50 EH/s and representing 6% of global hashrate, following the divestiture of China assets for $352 million.
Onboarded a new senior management team and board with expertise in digital assets, finance, and energy.
Built a BTC treasury of 3,879.2 BTC valued at $420.5 million as of June 30, 2025, with a 'mine and hold' strategy and no BTC sold.
Financial highlights
Q2 2025 total revenue was RMB 1 billion ($139.8 million), with RMB 989.4 million ($138.1 million) from Bitcoin mining and RMB 12.4 million from automobile trading.
Adjusted EBITDA reached RMB 710.1 million ($99.1 million), up from RMB 5.4 million in Q2 2024, excluding one-off and impairment losses.
Net loss was RMB 2.1 billion ($295.4 million), mainly due to one-off and non-cash impairment losses.
Cash and cash equivalents stood at RMB 843.8 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
Focus on maximizing value from 50 EH/s mining 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 balance Bitcoin mining, AI/HPC workloads, and green energy trading, leveraging expanding energy expertise.
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?
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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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