On December 1, Cango Inc. (NYSE: CANG) announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial and Operational Highlights
- •Total revenues were US$224.6 million in the third quarter of 2025, an increase of 60.6% compared with the second quarter of 2025. Revenue from the bitcoin mining business in the third quarter of 2025 was US$220.9 million.
- •Operating income was US$43.5 million and net income was US$37.3 million over the period. Adjusted EBITDA for the third quarter of 2025 was US$80.1 million.
- •Average operating hashrate increased steadily from 40.91 EH/s in July to 44.85 EH/s in September and further improved to 46.09 EH/s in October, with efficiency surpassing 90%. This was primarily due to mining facility relocations, operational enhancements and miner hardware upgrades.
- •A total of 1,930.8 BTC was mined over the third quarter, averaging 21.0 BTC per day, up 37.5% in total output and 36.0% in daily production compared with the second quarter of 2025. Average cost to mine, excluding depreciation of mining machines, was US$81,072 per BTC, with all-in costs of US$99,383 per BTC. As of the end of September 2025, the Company had mined 5,810 BTC since entering the bitcoin mining industry.
- •The Company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure, enhance corporate transparency, and align with its strategic focus.
CEO Commentary
Mr. Paul Yu, Chief Executive Officer of Cango, said, “This quarter marks a significant milestone. It’s been one year since our strategic transformation into a bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango’s position as a scaled and operationally disciplined bitcoin miner. Specifically, we mined 1,930.8 BTC, averaging 21.0 BTC per day. While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy, with bitcoin mining as the practical on-ramp toward our energy and compute ambitions. In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability.”