Cango (CANG) Investor Presentation summary

Strategic transformation and business evolution

• Transitioned from automotive business to digital asset mining, focusing on 'Energy + Computing Power' since 2024.

• Acquired BTC mining assets, scaling to 50 EH/s hashrate across 40+ sites in four geographies.

• Completed divestiture of legacy China assets for $352 million to concentrate on Bitcoin mining.

• Leadership restructuring and direct NYSE listing to enhance operational focus and shareholder value.

Operational performance and scale

• 50 EH/s deployed hashrate as of October 31, 2025, representing 4.26% of global hashrate.

• 1,200 MW total operating capacity, with major sites in the USA (57%), East Africa (26%), Oman (11%), and Paraguay (6%).

• 260,000 on-rack mining machines, primarily S19XP Hyd. and S19XP/S19j XP models.

• 6,412.8 BTC held in treasury, valued at $702.8 million as of October 31, 2025.

• 92% hashrate efficiency in Q2 2025 and cumulative 21.9 BTC per million ADS in Q2 2025.

Financial highlights and resilience

• Q2 2025 revenues of $139.8 million, with gross profit of $1.7 million and 1.2% gross margin.

• Adjusted EBITDA of $99.1 million in Q2 2025, up over 2,500% quarter-over-quarter.

• Consistent BTC accumulation with zero BTC sold as of October 31, 2025.

• Cash cost per coin at $83,091 in Q2 2025.