Key Highlights

● Second-quarter 2026 Revenue was US$50.8 million, down about 64% from a year earlier.

● Net loss from continuing operations narrowed to US$81.6 million from US$261.1 million.

● The company mined 656 Bitcoin at an average cash cost of US$73,313 each.

● A Georgia AI compute site conversion, up to 3 megawatts, finished in early July.

Latest verified development

Cango Inc. (NYSE:CANG), a 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.

Share consolidation and NYSE compliance

A 10-for-1 share consolidation of the company's American depositary shares took effect on 21 July 2026, according to the company. Cango regained NYSE minimum-price compliance on 3 September 2026, following the consolidation.

Georgia AI site and the bitcoin cost line

The main milestone is the third-quarter contribution from the Georgia AI-compute site, 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.

Meanwhile the older mining fleet is being retired while cash cost per bitcoin stands at US$73,313, and cash of US$10.1 million is modest beside a quarterly net loss of US$81.6 million.