Cango reports Q3 adjusted EBITDA $80.1M vs. $1.2M last year

Reports Q3 revenue $224.6M. Revenue from the bitcoin mining business was $220.9 million, with a total of 1,930.8 BTC mined in the third quarter of 2025. Revenue from international automobile trading income was US$3.3 million in the third quarter of 2025. Mr. Paul Yu, CEO, said, “This quarter marks a significant milestone. It’s been one year since our strategic transformation into a bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango’s (CANG) position as a scaled and operationally disciplined bitcoin miner. Today, we operate a deployed hashrate of 50 EH/s globally, positioning us among the leading miners worldwide. In the third quarter, we mined 1,930.8 BTC, with an average daily production of 21.0 BTC. While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy. We view bitcoin mining as the practical on-ramp toward our energy and compute ambitions, following the sequence of ‘from bitcoin mining to energy access, and from operational depth to AI compute deployment.’ In the third quarter, we executed our phased roadmap with strict financial discipline, launching small-scale pilots with clear technical and IRR thresholds across both energy and AI compute. Our energy projects in Oman and Indonesia are now underway and are expected to be commissioned within the next one to two years, providing strategic support for subsequent AI infrastructure development. In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability.”