On December 1, 2025, Cango Inc. (NYSE: CANG) announced its unaudited financial results for the third quarter ended September 30, 2025, highlighting a significant surge in performance driven by its bitcoin mining business.
Total revenues for Q3 2025 reached US$224.6 million, a 60.6% increase from the previous quarter, with US$220.9 million specifically from bitcoin mining. Operating income was US$43.5 million, and net income was US$37.3 million, while adjusted EBITDA stood at US$80.1 million.
Operationally, the company mined 1,930.8 BTC during the quarter, averaging 21.0 BTC per day, representing a 37.5% increase in total output and a 36.0% rise in daily production compared to Q2 2025. The average cost to mine, excluding depreciation, was US$81,072 per BTC, with all-in costs at US$99,383 per BTC. As of September 30, 2025, Cango had mined a cumulative 5,810 BTC since entering the industry.
Hashrate efficiency showed steady improvement, with average operating hashrate increasing from 40.91 EH/s in July to 44.85 EH/s in September, and further to 46.09 EH/s in October, with efficiency surpassing 90%. This was attributed to mining facility relocations, operational enhancements, and miner hardware upgrades.
The company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure and enhance transparency. CEO Paul Yu emphasized the milestone, stating, "This quarter marks a significant milestone... We mined 1,930.8 BTC, averaging 21.0 BTC per day." He outlined the long-term strategy: "building a global, distributed AI compute network powered by green energy, with bitcoin mining as the practical on-ramp toward our energy and compute ambitions." In the near term, Cango plans to monitor market dynamics and explore partnerships to mitigate risks and enhance stability.
