Key Highlights

  • Cango reported second-quarter 2026 Revenue of $50.8 million, of which $47.4 million came from bitcoin mining, and a net loss of $81.6 million.
  • The company mined 656 bitcoin at an average cash cost of $73,313 per bitcoin and held 1,056 bitcoin at 30 June 2026.
  • It is converting its Georgia site for AI compute with capacity of up to 3 MW and expects to recognise revenue from it in the third quarter of 2026.

Company overview and share consolidation

Cango Inc. (NYSE:CANG), a Cayman Islands company that mines bitcoin and is converting part of its capacity to artificial-intelligence compute, completed a 10-for-1 share consolidation effective at 5:00 pm Eastern Time on 20 July 2026, with post-consolidation trading beginning on 21 July. The ticker stayed CANG and a new CUSIP number was assigned. Shareholders had authorised the step at an extraordinary general meeting on 24 June.

Second-quarter results

On 31 August 2026, Cango reported unaudited second-quarter results. Total revenue was $50.8 million, of which $47.4 million came from Bitcoin Mining and $3.4 million from other sources. The company said revenue was down about 50% from the first quarter.

The net loss was $81.6 million, driven mainly by non-cash items, including a $42.9 million Impairment on mining machines and an $8.5 million loss on disposal of machines. Adjusted EBITDA was a loss of $10.7 million. Losses from crypto-asset fair-value changes were $4.1 million, compared with $151.8 million in the first quarter.

Operations and balance sheet

Cango mined 656 bitcoin in the quarter at an average cash cost of $73,313 per bitcoin, roughly 5% lower sequentially. Operating hashrate was 27.58 EH/s, comprising 19.84 EH/s self-mined and 7.74 EH/s leased.

Mining revenue of $47.4 million over 656 bitcoin equates to about $72,300 per bitcoin mined, slightly below the reported average cash cost. Leased capacity made up roughly 28% of operating hashrate, which links output to third-party arrangements as well as owned machines.

At 30 June 2026 the company held $10.1 million of cash and 1,056 bitcoin in treasury. Mining machines were carried at $58.7 million, and related-party long-term Debt was $31.2 million.

Management said it is converting its Georgia site for AI compute, with capacity of up to 3 MW, and expects to recognise revenue from it in the third quarter of 2026. It also launched a bitcoin hedging programme during the quarter.

What to watch

The third-quarter report should show whether AI-compute revenue appears as indicated and how the cost per bitcoin and hashrate develop. The cash position, which was small relative to the debt and machine carrying values at the end of June, is also relevant, as is the price of bitcoin, to which both mining revenue and the treasury's value are sensitive. Because the quarter ended in June, none of these balance-sheet figures should be read as a description of the current position.