Following a strategic transformation from automotive financing to Bitcoin mining around one year ago, Cango Inc. (NYSE:CANG) announced financial results for the third quarter of 2025 detailing sequential revenue growth, enhanced operational efficiency, and a more formalized long-term strategic roadmap.
In the three months ended September 30, 2025, the company reported total revenues of $224.6 million, a 60.6% increase from $139.8 million in the second quarter of 2025. Operating income was $43.5 million, net income was $37.3 million, and Adjusted EBITDA was $80.1 million.
"It's been one year since our strategic transformation into a Bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango's position as a scaled and operationally disciplined Bitcoin miner," said Paul Yu, CEO of Cango.
Optimization Over Expansion
In a sector characterized by inherent Bitcoin price volatility, Cango's profitability underscores a disciplined focus on controllable operational metrics and governance.
In terms of Bitcoin mining efficiency, the company's average operating hashrate increased from 40.91 EH/s in July to 44.85 EH/s in September and further improved to 46.09 EH/s in October, with efficiency surpassing 90% of its globally deployed hashrate of 50 EH/s. The company also mined an average of 21.0 BTC per day over the third quarter, representing a 36.4% increase in daily production compared to the previous quarter.
During an earnings call with investors, management emphasized an "optimization over expansion" strategy and attributed the improvement of fleet efficiency to the phasing out of older, less energy-efficient mining models in favor of the new T21 and S21 series.
This theme of optimization has extended to Cango's corporate structure. The company recently terminated its American Depository Receipt (ADR) program in favor of a direct NYSE share listing — a move designed to streamline its capital structure, enhance corporate transparency, and align with its long-term strategic focus.
"In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability," added Paul.
Phased Expansion Into Energy And AI Compute
Building on its operational success, Cango formally outlined its phased roadmap to establish a global, distributed AI compute network powered by green energy.
The initial phase involves leasing GPU computing power in an asset-light model, allowing for rapid market entry and validation without significant upfront capital expenditure. Concurrently, the company has initiated small-scale pilot energy projects in Oman and Indonesia, which are being evaluated against strict internal rate of return (IRR) thresholds before further capital is committed.
Medium term, the strategy will evolve into establishing self‑operated regional data center hubs to offer stable, low‑latency AI inference services under contract. The long-term vision is to create a global, green-energy-powered AI compute grid capable of serving multinational corporations and powering large-scale AI applications.
"We believe our balance sheet strength allows for a healthier, more sustainable AI transition, enabling us to scale according to the compute roadmap we presented," added Micheal Zhang, CFO of Cango.
As of September 30, 2025, Cango held cash and cash equivalents of $44.9 million.
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