Cango Reports 452.8M Loss in 2025 Mining Year, Pivots to AI

Cango Inc., the Shanghai-based company that pivoted from automotive services to Bitcoin mining last year, reported a net loss of 452.8 million for full-year 2025 on Monday, despite generating 688.1 million in revenue, nearly all from its cryptocurrency operations.

The loss marked the firm's first full year in the mining sector after selling its legacy auto financing business in April 2025 for 352 million to an entity linked to mining hardware giant Bitmain. That deal also transferred 32 exahashes per second of mining capacity to Cango, enabling it to scale production rapidly. For 2025, the company mined 6,594.6 Bitcoin, averaging about 18 Bitcoin per day, with mining revenue reaching 675.5 million. In the fourth quarter alone, revenue totaled 179.5 million, including 172.4 million from mining, while production hit 1,718.3 Bitcoin.

However, profitability was eroded by substantial one-time costs and market pressures. Operating expenses for the year climbed to 1.1 billion, driven by 338.3 million in impairments on mining machines, 96.5 million in fair value losses on Bitcoin-collateralized receivables, and elevated production costs. The all-in mining cost averaged 97,272 per...