Cango's 2025 revenue is $688.1 million, with the mining business contributing $675.5 million; net loss from continuing operations is $452 million, turning from profit to loss year-on-year.
On March 18, Cango released its full-year 2025 financial performance report for continued operations. According to the announcement, the company's total revenue in 2025 reached $688.1 million; a total of 6,594.6 bitcoins were mined; and the net loss from continuing operations for the year was $452 million. The comprehensive mining cost per bitcoin in 2025 reached as high as $97,272.
In terms of revenue, the company's total revenue in 2025 reached $688.1 million, with mining operations performing particularly well, contributing $675.5 million in revenue. By the end of 2025, a total of 6,594.6 relevant cryptocurrencies had been mined. In stark contrast, the international automobile trading business generated only $9.8 million in revenue, clearly demonstrating that mining operations dominate the company's revenue structure.
In 2025, the company's total operating costs and expenses amounted to a staggering $1.1 billion. Breaking this down, operating costs (excluding depreciation) were $543.3 million, operating costs (depreciation) were $116.6 million, and general and administrative expenses were $28.9 million (including $1.1 million in related party expenses). In addition, impairment losses on mining machines reached $338.3 million, while fair value losses on bitcoin-collateralized receivables amounted to $96.5 million; the company reported a total annual operating loss of $437.1 million.
Regarding net profit, the net loss from continuing operations in 2025 was $452.8 million, in sharp contrast with the $4.8 million net profit from continuing operations in 2024. However, the non-GAAP adjusted net profit was $24.5 million, an increase over $5.7 million in 2024.
As of December 31, 2025, the company held $41.2 million in cash and cash equivalents, $663 million in bitcoin-collateralized long-term receivables from related parties, mining machines with a net value of $248.7 million, and related party long-term debt of $557.6 million. To optimize its financial position, the company sold 4,451 relevant cryptocurrencies in February 2026 to repay part of the related party long-term debt, aiming to reduce overall financial leverage and strengthen the balance sheet.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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