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Cango
(NYSE:CANG)
Cango (CANG) vs. SPDR S&P 500 ETF (SPY)
Cango Business Overview & Revenue Model
Cango Earnings Call Summary
Cango Financial Statement Overview
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 804.49M | 1.70B | 1.98B | 3.92B | 2.05B |
| Gross Profit | 444.97M | 190.06M | 150.36M | 963.71M | 954.31M |
| EBITDA | 182.91M | 78.33M | -947.14M | 35.30M | 439.40M |
| Net Income | 299.82M | -37.87M | -1.11B | -8.54M | 3.37B |
Balance Sheet | |||||
| Total Assets | 5.97B | 4.65B | 7.02B | 10.95B | 12.15B |
| Cash, Cash Equivalents and Short-Term Investments | 2.52B | 1.66B | 2.32B | 4.03B | 5.77B |
| Total Debt | 169.54M | 90.54M | 1.08B | 2.00B | 2.56B |
| Total Liabilities | 1.88B | 831.63M | 2.69B | 3.96B | 3.77B |
| Stockholders Equity | 4.09B | 3.82B | 4.32B | 6.99B | 8.38B |
Cash Flow | |||||
| Free Cash Flow | -1.24B | 1.02B | -572.01M | -423.31M | -626.97M |
| Operating Cash Flow | -310.20M | 1.03B | -567.39M | -404.39M | -621.61M |
| Investing Cash Flow | -1.25B | 2.12B | 1.96B | 2.66B | -493.56M |
| Financing Cash Flow | -127.38M | -1.19B | -2.99B | -1.95B | -380.82M |
Cango Technical Analysis
Cango Risk Analysis
Cango Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | 819.07M | 21.70 | 8.49% | ― | 0.68% | 67.41% | |
58 Neutral | $808.33M | 6.63 | -31.61% | ― | 348.38% | -1821.85% | |
50 Neutral | 266.56M | 20.71 | 3.14% | ― | 0.79% | 0.00% | |
46 Neutral | 273.03M | -3.66 | -577.39% | ― | 0.00% | 0.00% | |
39 Underperform | 727.78M | -18.86 | 74.03% | ― | 0.00% | 0.00% | |
38 Underperform | 8.58M | -0.12 | 0.00% | ― | -99.25% | 90.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
Cango Corporate Events
Cango Inc. announced its unaudited financial results for the second quarter of 2025, highlighting a significant transformation into a leading Bitcoin mining company. During this period, the company increased its mining capacity to 50 EH/s and mined 1,404.4 Bitcoins, generating substantial revenue. Despite a net loss due to one-off charges, Cango’s adjusted EBITDA showed strong profitability from its core operations. The company also divested its China-based assets, enhancing liquidity and supporting strategic growth. Cango’s recent acquisition of a mining facility in Georgia marks a pivotal step in reducing power costs and expanding its Bitcoin and energy infrastructure, positioning the company for future growth in high-performance computing and energy initiatives.
Cango Inc. announced the completion of a secondary acquisition and the appointment of a new leadership team on July 23, 2025, marking its transformation into a global Bitcoin miner. The new Board of Directors and senior management team, with expertise in digital-asset infrastructure, finance, and energy investments, includes Mr. Xin Jin as Chairman and Mr. Peng Yu as CEO. The company has made significant progress in Bitcoin mining over the past seven months, becoming one of the largest miners globally. Concurrently, co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned, selling 10 million Class B shares to Enduring Wealth Capital Limited for $70 million, which now holds significant voting power. Cango aims to expand into sustainable computing and green energy, enhancing shareholder value.
On July 17, 2025, Cango Inc. announced that all resolutions presented at its Second Extraordinary General Meeting were approved by shareholders, with over 99.3% of total votes in favor. Key resolutions included the execution of a Securities Purchase Agreement for the secondary sale of 10 million Class B ordinary shares for $70 million and an increase in the company’s authorized share capital to support future financing. The company plans to file updated corporate documents with the Cayman Islands Registrar and expects the sale to close around July 22, 2025, although completion is subject to customary conditions.
On June 27, 2025, Cango Inc. announced the completion of its acquisition of crypto mining assets, which was settled through the issuance of 146,670,925 Class A ordinary shares. This acquisition, initially announced on November 6, 2024, involves on-rack crypto mining machines with a total hashrate of 18 Exahash per second. The closing of this transaction marks a significant step in Cango’s expansion in the crypto asset space, with the mining machines hosted in data centers primarily located in the U.S. This move is expected to bolster Cango’s growth and operational capabilities in the industry.
On June 23, 2025, Cango Inc. announced the fourth amendment to its Share-Settled Crypto Mining Assets Acquisitions agreement. This amendment adjusts the distribution of hashrate and Class A ordinary shares among sellers, including Golden TechGen Limited, Fortune Peak Limited, and Silver Crest Limited. The amendment ensures that Golden TechGen Limited will own approximately 19.85% of Cango’s total outstanding shares upon closing. The total hashrate and number of shares to be issued remain unchanged. The completion of these transactions is subject to certain conditions, and there is no guarantee that they will be finalized by the anticipated closing date.
Cango Inc. has announced an extraordinary general meeting (EGM) scheduled for July 17, 2025, in Hong Kong to discuss and vote on several key proposals. These include the ratification of a Securities Purchase Agreement (SPA) with Eagle Central Holding Limited and others, the approval of the company’s obligations under the SPA, an increase in authorized share capital, and the adoption of a new memorandum and articles of association. The meeting will also consider the adjournment of the EGM if necessary to gather additional proxies. These proposals are significant as they involve substantial changes to the company’s capital structure and governance, potentially impacting stakeholders and the company’s strategic direction.