Bitcoin mining company Cango Inc. (NYSE: CANG) on Aug. 31 released its unaudited financial results for the second quarter ended June 30, 2026. The company posted total revenue of $50.8 million for the quarter, including $47.4 million from bitcoin mining. Net loss came in at $81.6 million, which the company said was mainly driven by non-cash impairment of mining machines and disposal losses. As of the end of the quarter, Cango held 1,056 BTC as digital asset reserves and reported $31.2 million in long-term debt. Operationally, its total mining hashrate reached 27.58 EH/s, including 19.84 EH/s self-operated and 7.74 EH/s hosted. Cango mined 656 BTC during the quarter, while the average cash cost per bitcoin fell about 5% from the prior quarter to $73,313. The company also said it has launched a hedging strategy. CEO Paul Yu said Cango has completed upgrades at its Georgia site, which can support up to 3 megawatts, and expects its planned bare-metal GPU hosting and colocation business to begin generating revenue in the third quarter.
Bitcoin mining company Cango Inc. (NYSE: CANG) on Aug. 31 reported unaudited financial results for the second quarter ended June 30, 2026.
The company recorded total quarterly revenue of $50.8 million. Of that amount, $47.4 million came from bitcoin mining revenue. Net loss was $81.6 million, mainly due to non-cash impairment on mining machines and losses from disposals.
As of quarter end, Cango held 1,056 BTC as digital asset reserves. It also reported $31.2 million in long-term debt.
On the operating side, Cango said its total mining hashrate reached 27.58 EH/s, including 19.84 EH/s from self-operated capacity and 7.74 EH/s from leased capacity. The company mined 656 BTC during the quarter. Average cash cost per bitcoin fell about 5% from the previous quarter to $73,313. Cango also said it has started a hedging strategy.
CEO Paul Yu said the company is focused on unit economics in mining. He added that Cango has completed upgrades at its Georgia site, which can support up to 3 megawatts. Containerized units have been installed, and GPU hardware is arriving in batches. The company plans to launch bare-metal GPU hosting and hosting services, with revenue expected in the third quarter.
CFO Simon Tang said the net loss was mainly caused by non-cash items.
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