Overview
- Cango reported 2025 revenue of $688.1 million and a net loss of $452.8 million, with a Q4 net loss of $285 million driven by an $81.4 million impairment and a $171.4 million fair-value loss.
- The miner produced 6,594.6 BTC in 2025, including 1,718.3 BTC in Q4, as all‑in costs averaged $97,272 per coin for the year and rose to $106,251 in Q4.
- In February 2026 the company sold 4,451 BTC for roughly $305 million, saying the move cut leverage and freed capital for infrastructure upgrades.
- Management is repositioning operations toward AI infrastructure under the EcoHash platform, with initial facility retrofits underway to deliver AI inference services.
- Cango ended its ADR program and moved to a direct NYSE listing, as shares traded near $0.63–$0.68 after falling sharply over recent months.