Cango (NYSE: CANG) announced its unaudited financial results for the third quarter of 2025, with quarterly revenue reaching $224.60 million, a 60.6% increase compared to the previous quarter, of which Bitcoin mining contributed $220.90 million. The company recorded an operating profit of $43.50 million, a net profit of $37.30 million, and an adjusted EBITDA of $80.10 million. The average hashrate in the third quarter increased from 40.91 EH/s in July to 44.85 EH/s in September, and further increased to 46.09 EH/s in October; a total of 1930.8 BTC were mined in the quarter, an increase of more than 37% compared to the previous quarter's output.

The company stated that its miner migration, operational optimization, and hardware upgrades have driven energy efficiency improvements, with an average cost per BTC (excluding depreciation) of approximately $81,072.00 and a total cost of approximately $99,383.00. As of the end of the third quarter, the company had cumulatively mined 5810 BTC. Cango also completed the transition from ADR to a direct listing on the NYSE to optimize its capital structure and improve transparency.

Management stated that the company has expanded from Bitcoin mining to a long-term strategy of "energy + AI computing power" and is deploying green energy-driven data centers and AI computing power networks globally. In the short term, it will provide GPU computing power leasing in a light-asset manner, in the medium term, it will build regional data centers and output low-latency inference services, and the long-term goal is to create a global distributed AI computing power network. The company also disclosed that it held $44.90 million in cash as of the end of September.

[星球日报]

Cango's Q3 revenue was $225 million, with Bitcoin mining income accounting for nearly 99%