Cango reported a $452.8 million net loss for 2025, its first full year operating as a Bitcoin miner, even as revenue climbed to $688.1 million. The company said the increase was driven by a rapid scale-up in mining activity. Bitcoin mining accounted for $675.5 million of total revenue, while the fourth quarter alone brought in $179.5 million, including $172.4 million from mining operations.
Mining output expanded, but unit economics stayed tight
Cango mined 6,594.6 BTC during the year, averaging a little over 18 BTC per day. In the fourth quarter, production reached 1,718.3 BTC. Since entering the sector, total output had risen to 7,528.4 BTC as of December 2025. Production moved higher. Profitability did not follow at the same pace.
The company reported an average mining cost of $79,707 per Bitcoin for the year, excluding machine depreciation, and $84,552 in the fourth quarter. On an all-in basis, the cost rose to $97,272 per Bitcoin for the full year and went above $106,000 in Q4. Those figures weighed heavily on margins. Adjusted EBITDA for 2025 was $24.5 million, but the fourth quarter posted a $156.3 million loss.
Company points to transformation charges and fair-value effects
According to Michael Zhang, the net loss was driven largely by non-recurring transformation expenses and market-driven fair-value adjustments, not mining operations alone. He said the company had taken steps to reinforce its balance sheet through liquidity management, changes to its Bitcoin treasury strategy, and new equity funding intended to help it handle volatility.
AI infrastructure becomes the next priority
Alongside mining, Cango is pushing deeper into AI infrastructure and plans to use its computing and energy capacity for workloads beyond Bitcoin. CEO Paul Yu said 2025 was defined by fast execution, asset restructuring, and the buildout of a globally distributed mining footprint. For 2026, the company is concentrating on efficiency, cost resilience, and the rollout of its EcoHash platform for AI inference workloads.
Initial retrofits at sites are already underway, with deployment preparation in progress as Cango works to diversify revenue and reduce its dependence on mining alone. The company also completed the termination of its ADR program and shifted to a direct listing on the NYSE. It said the move is meant to improve transparency and broaden its potential investor base as the business enters its next stage.