TLDR
- Cango logs $452M loss in 2025 despite $688M revenue from Bitcoin mining.
- Company mined 6,594 Bitcoin, but rising costs pressured profitability.
- Q4 production rose, yet expenses exceeded $106K per Bitcoin.
- Sold $305M in Bitcoin to repay debt and fund AI computing upgrades.
- Cango pivots to AI infrastructure, joining broader mining-to-data trend.
Cango Inc. (CANG) declined after the company reported heavy losses during its first full year as a large-scale cryptocurrency miner. The firm generated strong revenue but still posted a substantial annual deficit tied to costs and accounting adjustments. The stock traded near $0.63 while the company outlined expansion plans tied to artificial intelligence computing.
Mining Expansion Drives Revenue but Deep Losses Persist
Cango Inc. reported revenue of $688.1 million for 2025 after rapidly expanding its global mining network. e company recorded a net loss of $452.8 million during the same period. Management attributed the deficit to transformation expenses and fair-value accounting adjustments.
Bitcoin mining generated $675.5 million of total revenue, which represented more than 98% of the company’s income. The company produced 6,594.6 Bitcoin during the year while averaging roughly 18 coins each day. Production accelerated in the fourth quarter as operations expanded across several international regions.
Cango reported total operating expenses of $1.1 billion for the year as equipment costs and valuation losses increased. Fourth quarter expenses alone reached $456 million and pressured overall profitability. The company also recorded an $81.4 million impairment on mining machines and large collateral valuation losses.
Production Growth Meets Rising Mining Costs
The company increased output during the final quarter and produced 1,718.3 Bitcoin. Average daily production climbed slightly to 18.68 coins during the quarter. Despite stronger output, mining expenses continued rising across the network.
Cango reported an average mining cost of $79,707 per Bitcoin excluding equipment depreciation. The average cost increased to $84,552 during the fourth quarter as operational expenses expanded. All-in mining costs reached about $97,272 per Bitcoin for the year.
Fourth quarter costs exceeded $106,000 per Bitcoin when depreciation and other adjustments were included. As a result, margins narrowed and the company reported a quarterly EBITDA loss of $156.3 million. Annual adjusted EBITDA still reached $24.5 million due to earlier operational performance.
Strategic Shift Toward Artificial Intelligence Infrastructure
Management has started shifting computing capacity toward artificial intelligence infrastructure and high-performance computing services. The company recently sold about $305 million worth of Bitcoin to strengthen liquidity. The transaction reduced digital asset reserves by nearly sixty percent.
Cango used the proceeds to repay debt and finance upgrades for new computing facilities. The company now plans to deploy AI inference services through its EcoHash computing platform. Early facility retrofits are already underway across several operating sites.
The strategy follows a broader shift among mining companies toward data center infrastructure and AI workloads. For example, Core Scientific also plans major Bitcoin sales to fund similar expansion plans. Cango now trades on the New York Stock Exchange after ending its ADR program and moving to a direct listing structure.
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