Cango Q3 earnings: CANG revenue rises to $224.6M, management touts AI shift

Cango (NYSE: CANG) has released its Q3 2025 earnings, reporting full revenues of $224.6 cardinal for the 3rd 4th ended September 30, marking a 60.6% summation from the 2nd 4th of 2025.

The institution recorded nett income of $37.3 cardinal and operating income of $43.5 cardinal for the period.

Revenue from Cango’s bitcoin mining concern accounted for the bulk of the full astatine $220.9 million. Cango mined 1,930.8 bitcoin during the 3rd quarter. This fig represents a 37.5% summation successful full output compared to the 2nd 4th of 2025.

Cango’s Adjusted EBITDA for the 3rd 4th was $80.1 million. This compares to $1.2 cardinal successful the aforesaid play of 2024. Cash and currency equivalents totaled $44.9 cardinal arsenic of September 30.

Cango’s regular bitcoin accumulation averaged 21.0 bitcoin, a 36% summation implicit the anterior period.

“This 4th marks a important milestone. It’s been 1 twelvemonth since our strategical translation into a bitcoin miner,” Cango CEO Paul Yu said successful a statement. “During the 3rd quarter, we remained focused connected our halfway mining operations, further strengthening Cango’s presumption arsenic a scaled and operationally disciplined bitcoin miner.”

The mean outgo to excavation a azygous bitcoin was $81,072 excluding depreciation of mining machines, and Cango’s all-in outgo per bitcoin was $99,383. Cango has mined a full of 5,810 bitcoin since entering the manufacture softly successful Q4 2024.

Cango’s mean operating hashrate accrued from 40.91 exahashes per 2nd (EH/s) successful July to 44.85 EH/s successful September. This mean further improved to 46.09 EH/s successful October. Management attributed the show gains to installation relocations, operational enhancements, and hardware upgrades.

“While consolidating our halfway business, we besides clarified our semipermanent strategy: gathering a global, distributed AI compute web powered by greenish energy,” Yu said. “We presumption bitcoin mining arsenic the applicable on-ramp toward our vigor and compute ambitions, pursuing the series of ‘from bitcoin mining to vigor access, and from operational extent to AI compute deployment.'”

The institution outlined a roadmap that includes 3 sequential phases. The near-term signifier involves entering the marketplace with GPU computing powerfulness leasing focused connected node deployment.

The medium-term program focuses connected establishing self-operated information halfway hubs to connection inference services. The semipermanent nonsubjective is the instauration of a planetary AI compute grid integrating aggregate hubs and borderline nodes.

For expansion, Cango said that it has vigor projects presently underway successful Oman and Indonesia. The institution expects these projects to beryllium commissioned wrong the adjacent 1 to 2 years. Cango executed phased pilots crossed some vigor and AI compute sectors during the quarter.

Cango besides changed its reporting currency from RMB to USD effectual this quarter.