Cango reported its unaudited results for the quarter ended September 30, 2025, posting total revenue of US$224.6 million, up 60.6% from the second quarter of 2025. Bitcoin mining accounted for US$220.9 million of that figure, showing how heavily the company’s revenue base is now tied to its mining business.
Profitability also improved during the quarter. Operating income came in at US$43.5 million, net income reached US$37.3 million, and adjusted EBITDA was US$80.1 million. The reported figures point to a quarter defined by mining operations rather than any other business line.
Hashrate rose from 40.91 EH/s in July to 44.85 EH/s in September
Cango said its average operating hashrate climbed through the quarter, moving from 40.91 EH/s in July to 44.85 EH/s in September, then reaching 46.09 EH/s in October. Efficiency exceeded 90%. The company attributed the increase to mining facility relocations, operational improvements, and hardware upgrades for its miners.
Production moved higher as well. Cango mined a total of 1,930.8 BTC in the third quarter, averaging 21.0 BTC per day. Compared with the second quarter of 2025, total output increased 37.5% and daily production rose 36.0%. As of the end of September 2025, the company said it had mined 5,810 BTC since entering the bitcoin mining sector.
Mining cost reached $81,072 per BTC before depreciation
On costs, Cango said the average cost to mine one BTC, excluding depreciation of mining machines, was US$81,072 during the quarter. Its all-in cost was US$99,383 per BTC. Those figures give a direct view into the company’s cost base as it scales its mining fleet and infrastructure.
The company also completed the termination of its ADR program and shifted to a direct listing on the New York Stock Exchange. Cango said the move was intended to optimize its capital structure, improve corporate transparency, and match its strategic focus.
CEO links bitcoin mining business to AI compute plans
Chief Executive Officer Paul Yu said the quarter came one year after Cango’s strategic transformation into a bitcoin miner. He said the company stayed focused on core mining operations in the third quarter while also clarifying its longer-term plan: building a global, distributed AI compute network powered by green energy, with bitcoin mining serving as the practical entry point toward its energy and compute goals.
In the near term, according to management, Cango will keep watching market conditions, manage its deployed output, and look at partnership models aimed at reducing market risk and improving operating stability.