Cango Inc Sponsored ADR (CANG.US) Q4 revenue increased by 413% year-on-year, mining 933.8 bitcoins.

Cango Inc Sponsored ADR (CANG.US) announced its financial performance for the fourth quarter and full year of 2024. The financial report shows that Cango Inc Sponsored ADR's total revenue for Q4 was 668 million yuan, compared to 130.2 million yuan in the same period last year, a year-on-year increase of 413%, mainly driven by the launch of the Bitcoin mining business in November 2024, which generated revenue of 653 million yuan in Q4. Net profit was 55.9 million yuan, compared to a net loss of 103.8 million yuan in the same period last year, with basic and diluted earnings per ADS of 0.54 yuan and 0.48 yuan respectively. In the fourth quarter, the company mined a total of 933.8 bitcoins, with an average mining cost (excluding depreciation of mining machines) of $67,769.9 per bitcoin. As of December 31, 2024, the total outstanding balance of financing transactions initiated by the company was 3.9 billion yuan; the M1+ and M3+ delinquency rates of all outstanding financing transactions facilitated by the company were 3.24% and 1.78% respectively. The total balance of cash, cash equivalents, and short-term investments was 2.5 billion yuan. For the full year, the company's revenue was 804.5 million yuan, compared to 1.7 billion yuan in the previous year. Net profit was 299.8 million yuan, compared to a net loss of 37.9 million yuan in the previous year. Jiayuan Lin, CEO of Cango Inc Sponsored ADR, stated: "While continuing to focus on our traditional automotive business, we have identified the robust opportunities in the cryptocurrency field and strategically entered the Bitcoin mining business. In early November 2024, we announced the acquisition of a batch of Bitcoin mining machines with a total computing power of 50 EH for a total price of $400 million. By November 15th, we had successfully deployed 32 EH of computing power, making Cango Inc Sponsored ADR the third largest Bitcoin miner in the world." He added: "Given the enormous growth potential in this field, we have further clarified our direction of transformation, establishing 'energy + computing power' as the core of our future development strategy. At the same time, we will continue to focus on the export of second-hand cars and strive to become a leading platform in China's light asset second-hand car export industry. Looking ahead to 2025, with a solid foundation in the cryptocurrency field, we will strategically extend the digital economic value chain to create sustainable value for all stakeholders." The company expects to significantly increase its hash rate in the coming months, and aims to increase the deployed hash rate to around 50 EH by the end of this quarter. After the financial report was released, as of the time of this writing, the company's stock price rose nearly 4% in after-hours trading.