Cango’s Q3 Results Show Bitcoin Mining Now Dominates Revenue as Shares Slide

Overview

• The company reported Q3 2025 revenue of US$224.6 million, including US$220.9 million from bitcoin mining, with Adjusted EBITDA of US$80.1 million and net income of US$37.3 million.
• Cango mined 1,930.8 BTC in the quarter, averaging 21.0 BTC per day, bringing cumulative output to 5,810 BTC since entering the industry.
• Average operating hashrate increased from 40.91 EH/s in July to 44.85 EH/s in September and 46.09 EH/s in October, with mining efficiency surpassing 90%.
• The company reported an average cost to mine of US$81,072 per BTC excluding depreciation and an all‑in cost of US$99,383 per BTC.
• Cango ended its ADR program for a direct NYSE listing, switched to USD reporting, and pointed to energy projects in Oman and Indonesia targeted for commissioning within one to two years.