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 by June 2025, with operations across 40+ sites in four geographies.

• Completed a $352 million divestiture of legacy China assets in May 2025 to focus exclusively on Bitcoin mining.

• Approved direct listing on NYSE in October 2025, ending the ADR program to streamline equity structure.

• Leadership restructuring brought in expertise in digital asset infrastructure, finance, and energy investment.

Operational performance and financial highlights

• Deployed 50 EH/s, representing 4.64% of global hashrate as of September 30, 2025, with 1,200 MW total operating capacity.

• Achieved 92% hashrate efficiency in Q2 2025 and mined 5,810 BTC, all held in treasury, valued at $662.3 million.

• Maintained a 'HODL' strategy, accumulating 100% of mined BTC and selling none as of September 2025.

• Q2 2025 revenues reached $139.8 million, with adjusted EBITDA of $99.1 million, up 2,500% quarter-over-quarter.

• Cash cost per coin was $83,091 in Q2 2025, with cumulative coins per million ADS at 21.9.

Geographic and infrastructure footprint

• Operations span USA (57% of capacity), East Africa (26%), Oman (11%), and Paraguay (6%), totaling 1,200 MW.

• Seven key sites account for 57% of total deployed hashrate, with significant presence in Oklahoma, East Africa, Paraguay, and Oman.

• Approximately 260,000 on-rack mining machines, with a mix of S19XP Hyd. and S19XP/S19j XP models.

• Acquired a 50 MW mining facility in Georgia, USA, in August 2025, supporting both self-mining and hosting services.