Cango Inc. (NYSE: CANG) delivered a strong third‑quarter 2025 performance, reporting revenue of $224.6 million—up 60.6% from the $139.8 million generated in Q2. The jump was driven almost entirely by the Bitcoin mining segment, which contributed $220.9 million, while the legacy automobile trading business added $3.3 million. The company’s focus on an asset‑light model and the recent acquisition of a 50‑megawatt facility in Georgia helped keep operating costs low, enabling the revenue surge.
Net income rose to $37.3 million, and operating income reached $43.5 million, giving an operating margin of roughly 19.4%. The margin expansion reflects disciplined cost management and a higher mix of high‑margin mining revenue. Despite analysts’ expectations of a loss, Cango posted a positive bottom line, underscoring the effectiveness of its operational strategy.
Mining output for the quarter totaled 1,930.8 BTC—an average of 21 BTC per day—representing a 37.5% increase over the 1,404.4 BTC mined in Q2. The increase is attributable to the deployment of a 50 EH/s hashrate, with an average operating hashrate of 46.09 EH/s in October. Cost efficiency also improved: the cash cost per Bitcoin fell to $81,072 (down from $83,091 in Q2) and the all‑in cost dropped to $99,383 (down from $98,636).
Cango’s balance sheet remains solid, with $44.9 million in cash and cash equivalents. The company’s related‑party receivable for Bitcoin collateral stands at $660 million, and long‑term related‑party debt is $405.1 million. The liquidity position supports continued investment in mining capacity and the company’s AI compute roadmap.
Management reiterated its commitment to expanding mining capacity and to building a global, distributed AI compute network powered by green energy. CEO Paul Yu emphasized that Bitcoin mining serves as a practical on‑ramp for the company’s long‑term energy and compute ambitions, while CFO Michael Zhang highlighted the strong financial performance as evidence that the transition from an automobile services business to a mining company is delivering results.
The company’s 50 EH/s deployed capacity places it among the top 15 publicly listed Bitcoin miners by market cap and one of five firms with 50 EH/s capacity. While the original article claimed a top‑three ranking, the corrected context clarifies that Cango is a major player but not in the top three by market cap.
Overall, Cango’s Q3 2025 results demonstrate that its strategic pivot to Bitcoin mining and its focus on operational efficiency are paying off. The company’s ability to grow revenue, improve margins, and maintain a strong balance sheet positions it well to pursue its AI and green‑energy initiatives while continuing to expand its mining footprint.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.