Cango Inc · Q3 2025 earnings

Briefing

Cango Q3 revenue $224.6M (+60.6% QoQ) as bitcoin mining drives $37.3M net income

Cango Inc. reported Q3 2025 total revenues of US$224.6 million, up 60.6% quarter over quarter, with bitcoin mining revenue of US$220.9 million from 1,930.8 BTC mined at an average 21.0 BTC per day. Operating income was US$43.5 million and net income US$37.3 million versus US$9.5 million in Q3 2024, with adjusted EBITDA of US$80.1 million. Average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in September, reaching 46.09 EH/s in October with deployed hashrate of 50 EH/s globally. Cash and cash equivalents were US$44.9 million at September 30, 2025, and the company transitioned from ADRs to a direct NYSE listing during the quarter.

• Q3 revenue $224.6M (+60.6% QoQ); bitcoin mining revenue $220.9M from 1,930.8 BTC mined (+37.5% vs Q2).
• Operating income $43.5M and net income $37.3M; adjusted EBITDA $80.1M versus $1.2M in Q3 2024.
• Average hashrate improved to 44.85 EH/s in September and 46.09 EH/s in October; deployed hashrate 50 EH/s.
• All-in mining cost $99,383 per BTC; average cost excluding depreciation $81,072 per BTC.
• Company pivoted reporting currency to USD and completed ADR termination for direct NYSE listing.

Headline financials

Revenue & EPS history

Cango outlined a three-phase AI compute roadmap from GPU leasing near term to a global green-energy AI compute grid long term, with energy pilots in Oman and Indonesia expected to commission in one to two years.