Cango Inc. (NYSE: CANG) posted revenue of $688.1 million in its first full fiscal year as a Bitcoin miner, but recorded a net loss of $452.8 million, primarily driven by non-cash impairment charges and fair-value adjustments tied to Bitcoin prices.
The company, which transitioned from auto lending to Bitcoin mining in November 2024, released its unaudited 2025 results on March 16, 2026. Despite the net loss, adjusted EBITDA came in at $24.5 million, indicating positive underlying operational performance.
Strong Mining Output, Heavy Accounting Charges
During 2025, Cango mined a total of 6,594 BTC across its global operations, averaging 18.07 BTC per day. Mining revenue reached $675.5 million, accounting for the bulk of total revenue. However, the company took a $338.3 million impairment on mining machines and a $96.5 million fair-value loss related to Bitcoin-collateralized receivables, dragging the bottom line into the red. In Q4 2025 alone, revenue was $179.5 million with a net loss of $285 million, compared to a net profit in the year-ago period.
By February 2026, Cango's deployed hash rate had reached 50 EH/s, with over 40 mining sites across North America, the Middle East, South America, and East Africa. January 2026 production was approximately 496 BTC.
Aggressive Bitcoin Sales to Reduce Debt
To strengthen its balance sheet, Cango sold 550 BTC in January 2026 and 4,616 BTC in February. The February sale included a block of over 4,400 BTC that generated approximately $305 million, settled in USDT. The company used the proceeds to repay Bitcoin-backed loans and improve liquidity, signaling a focus on capital efficiency rather than long-term accumulation.
Pivot to AI Infrastructure
Cango is also diversifying beyond mining. Through its U.S. subsidiary Ecohash, it is retrofitting its Georgia mining facility with modular AI inference systems, aiming to tap into demand for decentralized, cost-effective computing power. CEO Paul Yu stated the company entered 2026 with priorities on balance sheet optimization and expansion into AI-driven compute, while CFO Michael Zhang emphasized that the net loss was largely caused by one-time and market-based accounting items, not core operations.
Investor Support Remains
Despite the losses, Cango secured a $10.5 million equity investment from Enduring Wealth Capital Ltd. in February 2026, along with $65 million in equity commitments from its management team. The company also continued share buybacks under an existing program. However, its stock traded at around $0.68, down about 43% over the past three months, reflecting market concerns over reported losses and pressures in the mining sector.
Cango's results underscore the capital-intensive nature of large-scale Bitcoin mining and highlight a growing trend among miners to reallocate resources into AI-related infrastructure.