Cango Inc Sponsored ADR (CANG.US) reported a Q2 total revenue decline of approximately 50%, with 656 bitcoins mined.

Cango Inc Sponsored ADR (CANG.US) announced its financial results for the second quarter of 2026. According to the financial report, the company generated total revenue of $50.8 million in Q2, a decrease of approximately 50% from the previous quarter, with $47.4 million coming from its Bitcoin mining operations. During this period, the operating loss was $80.6 million, and the net loss from ongoing operations was $81.6 million, primarily due to non-cash impairment losses on mining equipment and losses on disposals. The adjusted EBITDA loss was $10.7 million. In the second quarter, the company's total operating costs and expenses were $131.4 million, mainly related to the Bitcoin mining business and the recognition of impairment losses on mining equipment, which included losses stemming from changes in the fair value of crypto assets. The impairment loss on mining equipment was $42.9 million, with a loss of $8.5 million from equipment disposals, and losses from fair value changes in crypto assets amounted to $4.1 million. In comparison, the first quarter of 2026 recorded a total loss of $151.8 million. As of the end of the quarter, the company held 1,056 Bitcoins as a reserve of digital assets, and its long-term debt was $31.2 million. As of June 30, 2026, the total hash rate of the company reached 27.58 EH/s, of which 19.84 EH/s was self-operated, and 7.74 EH/s was leased. This quarter, the company mined a total of 656 Bitcoins. The average cash cost per Bitcoin decreased by approximately 5% from the previous quarter, reaching $73,313. Paul Yu, CEO of Cango Inc Sponsored ADR, stated in the financial report: In our Bitcoin mining business, we have consistently focused on unit economic efficiency rather than blindly pursuing scale expansion. At the same time, we are continuing to advance the modular AI construction at the LN mining site. The Georgia mining facility was renovated in early July, and the infrastructure now supports a power capacity of up to 3 megawatts, with room for future expansion. The container units have been delivered and installed on-site, and GPU hardware has also been procured, arriving in batches to support phased deployment. In the future, we plan to implement two business models: the first is bare-metal GPU hosting services, which utilize our own infrastructure to provide a standardized deployment environment; the second is host co-location services, aimed at improving overall infrastructure utilization. Currently, the Georgia mining site is actively welcoming clients, and related revenue is expected to be recognized in the third quarter. Additionally, to meet some clients' demand for low-latency deployments, we have initiated the operation of testing nodes in Texas and on the U.S. West Coast as part of our phased deployment, Yu added.