Cango released its unaudited results for the fourth quarter and full year ended December 31, 2025. Full-year revenue reached $688.1 million, including $179.5 million in the fourth quarter. Bitcoin mining was the core driver, generating $675.5 million for the year and $172.4 million in Q4. Adjusted EBITDA came in at $24.5 million for the full year, but the fourth quarter showed an adjusted EBITDA loss of $156.3 million.
On the production side, the company mined 6,594.6 BTC in 2025, averaging 18.07 BTC per day. Q4 accounted for 1,718.3 BTC, or 18.68 BTC per day. Cango said its average mining cost excluding machine depreciation was $79,707 per Bitcoin for the year and $84,552 in the fourth quarter. On an all-in basis, the cost was $97,272 per Bitcoin for the full year and $106,251 in Q4. Since entering the sector, the company had mined a cumulative 7,528.4 BTC as of December 2025.
Net loss tied to transformation charges and fair-value adjustments
CFO Michael Zhang said revenue growth in 2025 was supported by scaled bitcoin mining operations, while net loss from continuing operations reached $452.8 million. He attributed that figure mainly to non-recurring transformation costs and market-driven fair-value adjustments. According to Zhang, the company’s financial approach centered on strengthening the balance sheet, lowering leverage through an adjusted bitcoin treasury policy and liquidity management, and securing new equity capital to preserve flexibility for volatility and investment in areas such as AI infrastructure.
ADR program terminated as company shifts to direct NYSE listing
Cango also said it completed the termination of its ADR program and transitioned to a direct listing on the New York Stock Exchange. The company said the move was intended to improve transparency, align with its strategic focus, and potentially broaden its investor base.
Management outlines move toward AI infrastructure
Chief executive Paul Yu described 2025 as Cango’s first year operating as a Bitcoin miner. He said the company carried out a broad asset restructuring and built a globally distributed mining footprint during the year. Entering 2026, Cango said it worked to strengthen its balance sheet and optimize its mining fleet to improve efficiency and cost resilience. At the same time, the company is pushing its shift toward AI infrastructure. Through EcoHash, Cango said it plans to use its experience in scalable computing and energy networks to offer flexible, low-cost AI inference services, with initial site retrofits already underway and the product ready for deployment.