Cango Inc Sponsored ADR (CANG.US) Q3 revenue increased by 60.6% compared to the previous quarter, with the mining of 1930.8 bitcoins. It is currently exploring a cooperation model for AI computing power.

Cango Inc Sponsored ADR (CANG.US) announced its financial performance for the third quarter of 2025. The financial report shows that the company's total revenue for Q3 reached $224.6 million, an increase of 60.6% compared to the previous quarter. Among which, the revenue from bitcoin mining business was $220.9 million. The operating profit for the period was $43.5 million, the net profit was $37.3 million, and the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $80.1 million. During the third quarter, the company's average operating hash rate steadily increased from 40.91 EH/s in July to 46.09 EH/s in October, with an operating efficiency of over 92%. This was mainly attributed to the migration of mining facilities, operational efficiency improvements, and hardware upgrades. The company mined a total of 1,930.8 bitcoins in Q3, with a daily average production of 21.0 bitcoins. The total production and daily average production increased by 37.5% and 36.0% respectively compared to the previous quarter. The cost of mining one bitcoin, excluding depreciation of mining machines, was $81,072, while the total cost was $99,383. As of now, the company's cumulative output is about to exceed 7,000 bitcoins since entering the bitcoin mining industry. In addition, during the financial report conference call, Cango Inc Sponsored ADR mentioned that the current market environment is complex and volatile, with significant fluctuations in bitcoin prices. The company is closely monitoring the situation and will dynamically manage the company's hash rate output scale in future operations, exploring hash rate cooperation models to mitigate market volatility risks and enhance operational stability. The company stated that with the advancement of the artificial intelligence (AI) pilot projects, its future development roadmap now has a more detailed plan and will be executed in three stages: in the short term, entering the market through GPU hash rate leasing, focusing on rapid node deployment and model verification; in the medium term, evolving towards a regional AI computing network by building a self-operated data center Hub Group, Inc. Class A, to achieve stronger control over energy and infrastructure; in the long term, building a global distributed AI hash rate network driven by green energy, integrating multiple Hub Group, Inc. Class A centers and edge nodes for seamless, scalable hash rate supply.