Highlights

• Cango, an NYSE-listed company that now earns most of its revenue from bitcoin mining, reported unaudited second-quarter 2026 results on 31 August 2026.

• The loss narrowed sharply from the previous quarter but remained large. Net loss from continuing operations was US$81.6 million.

• Operating hashrate was 27.58 exahashes per second, of which 19.84 was self-mining and 7.74 leased.

• Alongside mining, the company is converting a Georgia site to artificial-intelligence compute.

Cango (NYSE:CANG), an NYSE-listed company that now earns most of its revenue from bitcoin mining, reported unaudited second-quarter 2026 results on 31 August 2026. Revenue was US$50.8 million, down about 50% from the first quarter and about 64% from US$139.8 million a year earlier. Bitcoin mining income made up US$47.4 million of the total.

The loss narrowed sharply from the previous quarter but remained large. Net loss from continuing operations was US$81.6 million, compared with US$261.1 million in the first quarter, driven mainly by non-cash impairment and disposal losses on mining machines. Basic and diluted loss per share was US$1.99 on 41.0 million weighted average shares. Adjusted EBITDA, a non-GAAP measure, was a loss of US$10.7 million, against a loss of US$154.1 million in the first quarter, after a US$4.1 million loss on the fair value of crypto assets.

Mining Operations And The Ai Pivot

Operating hashrate was 27.58 exahashes per second, of which 19.84 was self-mining and 7.74 leased. Cango mined 656 bitcoin in the quarter, and its average cash cost per bitcoin fell about 5% sequentially to US$73,313. Management said it is retiring older S19-series machines, shifting some capacity to hosted leasing and prioritising unit economics over scale. Cost of revenue, excluding depreciation, fell to US$50.7 million from US$99.6 million in the first quarter, broadly tracking the drop in revenue.

Alongside mining, the company is converting a Georgia site to artificial-intelligence compute. The release says conversion was completed in early July, with capacity for up to 3 megawatts, containers installed and graphics processors arriving in phased batches. Planned services include bare-metal GPU hosting and colocation, and revenue from the site is expected to be recognised in the third quarter. That timing is management's expectation, not a result.

Balance Sheet

At 30 June 2026 Cango held US$10.1 million of cash, US$12.9 million of other crypto assets and 1,056 bitcoin in its treasury, with net mining machines of US$58.7 million. Related-party long-term debt was US$31.2 million. Total assets were US$294.4 million against liabilities of US$163.6 million, leaving shareholders' equity of US$130.7 million. General and administrative expenses, including related-party fees, were US$8.4 million for the quarter.

Impairments of US$42.9 million on mining machines and a US$8.5 million loss on disposal show how quickly rig values can move with bitcoin prices and network difficulty. The company also launched a bitcoin hedging programme, which it describes as risk management rather than speculation.

What To Watch

The main milestone is the third-quarter contribution from the Georgia AI-compute site, which the company says will be recognised in that period, and whether GPU deliveries keep pace. Management is also evaluating additional sites and possible self-build facilities, though no firm commitments or capital figures were disclosed in the release itself.

Investors may also track both the pace of fleet retirement, the cash cost per bitcoin against the market price, and the evolution of cash, which at US$10.1 million is modest relative to the quarter's losses. The company has not yet announced a third-quarter results date in the sources we reviewed, so timing should be confirmed with its investor-relations page.