Cango Inc. reported fourth‑quarter and full‑year 2025 results that show a dramatic shift in its business mix. Total revenue rose to $179.5 million in the quarter, up from $172.4 million in the same period a year earlier, and $688.1 million for the year, a 12.5% increase over the $608.5 million reported in 2024. Bitcoin mining accounted for $172.4 million of the quarter’s revenue and $675.5 million of the year’s revenue, while automobile trading contributed $4.8 million and $9.8 million respectively.
Operating costs and expenses climbed to $456.0 million in the quarter and $1.1 billion for the year, pushing the company into a $276.6 million operating loss and a $437.1 million operating loss for the year. The loss from continuing operations was $285.0 million in the quarter and $452.8 million for the year, largely driven by non‑recurring transformation costs and market‑driven fair‑value adjustments. Adjusted EBITDA was a $156.3 million loss in the quarter and a $24.5 million gain for the year, reflecting the impact of one‑time charges and the recovery of some mining‑related expenses.
The mining segment remains unprofitable on a per‑BTC basis. In Q4 2025, Cango mined 1,718.3 BTC at an all‑in cost of $106,251 per coin, compared with a Bitcoin price of $73,900 at the end of the quarter. The average cost per BTC in the year was $84,552, still above the market price, indicating that mining operations are operating at a loss. The company mined a total of 6,594.6 BTC in 2025, with an average daily output of 18.07 BTC.
Management highlighted that 2025 was the company’s inaugural year as a Bitcoin miner and the beginning of a transition toward an integrated energy and AI infrastructure platform. CEO Paul Yu said the firm had “initiated a comprehensive asset restructuring and established a globally distributed mining footprint.” CFO Michael Zhang noted that the company’s net loss was “primarily due to non‑recurring transformation costs and market‑driven fair‑value adjustments.” The firm also completed the termination of its ADR program and moved to a direct NYSE listing, positioning itself for greater transparency and a broader investor base.
Analysts had expected a non‑GAAP EPS loss of $0.50 per share for the quarter, but Cango reported a loss of $11.03 per share, a miss of $10.53 per share. For the full year, analysts had projected a loss of $0.27 per share, while the company reported a loss of $1.60 per share, missing expectations by $1.33 per share. The large miss reflects the impact of the high mining costs and the one‑time transformation charges.
Investor sentiment was mixed. Some investors focused on the company’s strategic pivot to AI infrastructure, noting the potential long‑term upside of the EcoHash platform. Others expressed concern about the continued unprofitability of mining operations and the high cost of Bitcoin production relative to market prices. The mixed reaction underscores the tension between the company’s current financial performance and its future growth strategy.
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