Cango Inc. said that it posted a net loss from continuing operations of $452.8 million in 2025, even as the company completed its first full year as a Bitcoin miner, according to its unaudited fourth-quarter and full-year results.
The company reported total 2025 revenue of $688.1 million, including $675.5 million from Bitcoin mining. It mined 6,594.6 BTC during the year, averaging 18.07 BTC per day, while fourth-quarter output reached 1,718.3 BTC. CFO Michael Zhang said the annual loss was driven primarily by non-recurring transformation costs and market-driven fair-value adjustments, even as the mining business scaled rapidly.
Cango said it is entering 2026 focused on strengthening its balance sheet, improving mining efficiency and advancing its pivot toward AI infrastructure through EcoHash. The next point to watch is whether that operational shift can improve margins and reduce volatility after a year defined by aggressive expansion and heavy accounting pressure.
Source: Cango Inc. / PR Newswire.
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