Cango Inc. has unveiled its unaudited financial results for the fourth quarter and full year ended December 31, 2025, marking a defining year as the company fully transitioned into Bitcoin mining while laying the groundwork for an AI-driven future.
Strong revenue growth fueled by mining expansion
The company generated $688.1 million in total revenue for 2025, with $179.5 million recorded in the fourth quarter alone. Bitcoin mining accounted for 100% of its earnings, contributing $675.5 million for the year and $172.4 million in Q4, underscoring the scale of its newly established global mining operations.
🚨Q4 & Full Year 2025 results are in. Year one as a Bitcoin miner — and the foundation for Cango’s next chapter is set.
*Total revenues: US$688.1m (Q4: US$179.5m)
*Bitcoin production: 6,594.6 BTC (Q4: 1,718.3 BTC)
*US$41.2m in cash & cash equivalents (as of Dec 31, 2025)CEO… pic.twitter.com/deXA2qTrFd
— CANGO (@Cango_Group) March 17, 2026
Cango mined a total of 6,594.6 Bitcoins in 2025, averaging just over 18 coins daily. Of this, 1,718.3 Bitcoins were mined in the fourth quarter, reflecting slightly improved daily output. Since entering the mining sector, the company has produced 7,528.4 Bitcoins as of December 2025.
However, rising operational costs remain a concern. The average cost to mine a single Bitcoin stood at $79,707 for the year, climbing to $84,552 in Q4. When factoring in all expenses, costs rose further to $97,272 annually and $106,251 in the fourth quarter.
Losses mount as Cango invests in AI pivot
Despite strong revenue, profitability took a hit. Adjusted EBITDA for the full year came in at $24.5 million, but the fourth quarter saw a sharp adjusted EBITDA loss of $156.3 million. The company also reported a net loss of $452.8 million from continuing operations, largely attributed to one-off restructuring expenses and fair-value market adjustments.
CEO Paul Yu described 2025 as a foundational year marked by rapid execution and global expansion. He noted that Cango is now shifting focus toward becoming an AI infrastructure provider through its EcoHash platform, leveraging its energy and computing capabilities.
The Georgia AI pilot is expected to be operational within 4–6 months, with initial revenue potentially starting later in 2026 as the company validates its GPU-based inference model. Cango also appointed Jack Jin (former Zoom executive) as CTO of its AI business and completed its transition to a direct NYSE listing, removing ADR-related fees for shareholders.
CFO Michael Zhang added that the firm is strengthening its balance sheet through improved liquidity management and a revised Bitcoin treasury strategy, alongside securing new equity funding.
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