Q1 2025 Earnings Presentation May 2025 First Quarter of 2025: New Chapter of Growth Solid First Quarter Financial Performance Strong Showing by BTC Mining Operation Disclaimer This presentation has been prepared by Cango Inc. (the "Company") solely for information purpose and has not been independently verified. By viewing or accessing the information contained in this material, the recipient hereby acknowledges and agrees that no representations, warranties or undertakings, express or implied, are made by ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached USD 145 million, with USD 144 million coming from Bitcoin mining operations, marking a significant increase compared to the previous year [4][12] - Gross profit for the quarter was USD 13.61 million, while the operating loss was USD 155.5 million, primarily due to a decline in Bitcoin prices [4][15] - As of March 31, 2025, total cash, cash equivalents, and short-term investments amounted to USD 347 million, providing solid support for future business expansion [4] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business was USD 144 million, with 15.41 Bitcoins mined in Q1 2025 [13] - Revenue from automotive trading related income decreased to RMB 64.4 million compared to the same period in 2024 [13] - The average cost to mine Bitcoin was USD 70,602.1 per coin, excluding depreciation of mining machines [13] Market Data and Key Metrics Changes - The company holds a total computing power of 32 exahashes per second, accounting for approximately 4% of the global average hash rate in Q1 [5] - The average monthly effective hash rate consistently exceeded 30 exahashes per second, with a coin yield of 16.6 Bitcoins per exahash, placing the company among the top three publicly listed mining companies [7] Company Strategy and Development Direction - The company is committed to a "mine and hold" strategy, focusing on self-mining and long-term holding of Bitcoin [8] - Plans to optimize existing computing power resources and pursue M&A opportunities to scale operations and enhance market competitiveness [9] - The traditional automotive business, AutoCango, aims to connect China's used car market with overseas buyers, with over 480,000 used car listings [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Bitcoin's long-term value appreciation potential and the stability of its supply [8] - The company is focused on optimizing mining operations and exploring new market opportunities while strengthening partnerships [25] - Management acknowledged challenges from increasing computing power and mining difficulty but emphasized ongoing efforts to enhance operational efficiency [20][24] Other Important Information - The company has reduced its total outstanding loan balance to approximately RMB 2.6 billion, with improved loan quality metrics [5] - The average power efficiency for the quarter was 21.62 per terahash, indicating strong operational metrics [7] Q&A Session Summary Question: Trends in the cryptocurrency market - Management believes the cryptocurrency market presents both opportunities and challenges, with a focus on monitoring developments and adjusting strategies accordingly [19] Question: Response to increasing computing power and mining difficulty - The company plans to optimize existing mining operations and expedite the delivery of additional computing power [20] Question: Reasons for declines in April metrics - A significant decrease in mined Bitcoins in April was attributed to an increase in global network hash rate and mining difficulty [22] Question: Pressure from increasing electricity costs - The company is experiencing high electricity costs but is exploring renegotiation of hosting agreements and partnerships in low-cost clean energy projects [24] Question: Future strategic direction - The company will focus on optimizing mining operations, enhancing efficiency, and exploring new market opportunities while pursuing sustainable energy sources [25] Question: Concentration risk in revenue from Bitcoin mining - While the majority of revenue comes from Bitcoin mining, the company remains confident in its used car export business and plans to explore additional opportunities for diversification [28] Question: Plans for cash flow and financing - The company has sufficient liquidity for operations and plans to prioritize debt financing over equity financing [30]

Core Viewpoint - Cango Inc. reported significant growth in the first quarter of 2025, primarily driven by its entry into the Bitcoin mining industry, resulting in total revenues of RMB1.1 billion (US$145.2 million), a substantial increase from RMB64.4 million in the same period of 2024 [3][5][10]. Financial Performance - Total revenues for Q1 2025 were RMB1.1 billion (US$145.2 million), compared to RMB64.4 million in Q1 2024, marking a year-over-year increase of approximately 1,610% [5][8]. - Revenue from Bitcoin mining was RMB1.0 billion (US$144.2 million), with 1,541 Bitcoins mined during the quarter, up from 933.8 Bitcoins in the previous quarter [3][5]. - Revenue from automotive trading-related income was RMB7.6 million (US$1.0 million), a decrease from RMB64.4 million in the same period of 2024 [6]. Operating Costs and Expenses - Total operating costs and expenses in Q1 2025 were RMB1.2 billion (US$166.7 million), primarily related to Bitcoin mining operations [7][8]. - The cost of revenue for Bitcoin mining was RMB955.1 million (US$131.6 million), compared to RMB29.1 million in Q1 2024 [7][8]. Profitability Metrics - Loss from operations in Q1 2025 was RMB155.5 million (US$21.4 million), compared to income from operations of RMB74.2 million in Q1 2024 [9]. - Net loss for the quarter was RMB207.4 million (US$28.6 million), a decline from net income of RMB90.0 million in the same period of 2024 [10][30]. - Adjusted EBITDA was RMB27.6 million (US$3.8 million), down from RMB108.4 million in Q1 2024 [11][30]. Balance Sheet and Cash Position - As of March 31, 2025, cash and cash equivalents totaled RMB2.5 billion (US$347.4 million), an increase from RMB1.3 billion as of December 31, 2024 [16]. - The total outstanding balance of financing transactions facilitated by the company was RMB2.6 billion (US$358.4 million) as of March 31, 2025 [8]. Business Outlook - The company aims to increase its computing power from 32 EH/s to approximately 50 EH/s by the end of July 2025, enhancing its position among top-tier Bitcoin miners [3][12]. - Cango plans to continue optimizing its existing resources and explore high-quality M&A opportunities to scale operations and deliver long-term value [3][12].

SHANGHAI, May 9, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced that it plans to release its first quarter 2025 financial results after the market closes on Wednesday, May 14, 2025. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com.Cango's management will hold a conference call on Wednesday, May 14, 2025 at 9:00 P.M. Eastern Time or Thursday, May 15, 2025 at 9:00 A.M. Beijing Time to discuss the financial ...

Core Insights - Cango Inc. reported a total Bitcoin production of 470.0 Bitcoins in April 2025, reflecting an 11.3% decrease from 530.1 Bitcoins in March 2025 [1][2] - The company's total Bitcoin holdings increased to 2,944.8 Bitcoins as of April 30, 2025, up from 2,474.8 Bitcoins at the end of March [2] - The decline in production was attributed to a significant surge in the global hashrate, which led to an 8% increase in mining difficulty compared to March [3] Production and Performance - Average daily Bitcoin production in April was 15.7, down from 17.1 in March [1] - The deployed hashrate remained stable at 32 EH/s, while the average operating hashrate decreased slightly to 29.9 EH/s from 30.3 EH/s in March [2] Strategic Positioning - Cango's Bitcoin holdings are valued at approximately $279 million, indicating confidence in long-term value generation despite short-term production fluctuations [3] - The company has been expanding its operations in the crypto assets market since November 2024, driven by advancements in blockchain technology and the growing prevalence of crypto assets [4]

SHANGHAI, April 29, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a rapidly expanding leader in Bitcoin mining, announced the initiation of coverage by Apollo Insights, an independent equity research firm. Apollo Insights initiated coverage on Cango on April 22, 2025, following the release of its equity research report and investment thesis titled "Cango Catapults Into Bitcoin Mining". Since entering the Bitcoin mining industry in November 2024, Cango has expanded its global footp ...

Company Overview - Cango Inc. (NYSE:CANG) primarily operates a leading Bitcoin mining business and has expanded into the crypto assets market since November 2024 [2] - The company has deployed its mining operations across strategic locations including North America, Middle East, South America, and East Africa [2] - Cango has continued to operate its automotive transaction service in China since 2010, aiming to simplify car purchases [2] Market Analysis - The expansion into the crypto assets market is driven by advancements in blockchain technology and the increasing prevalence of crypto assets [2] - Cango's move into Bitcoin mining represents a diversification strategy for the company [2] Research Firm Overview - Apollo Insights specializes in providing comprehensive equity research for micro- and small-cap companies, bridging the information gap between these companies and potential investors [3] - The firm delivers investor-grade reports that combine deep business analysis with rigorous financial models [3]

Core Viewpoint - Cango Inc. is transitioning from a car trading business to a bitcoin mining operation, highlighted by the recent $352 million sale of its China-based business to Ursalpha Digital Ltd. This move is part of a broader strategy to shift control of the company and adapt to the evolving market landscape [1][2][3]. Group 1: Business Transformation - Cango has agreed to sell its original China-based business for $352 million, with an upfront payment of $211 million and the remainder in installments based on tax obligations [2]. - The sale is a significant step in response to a proposal from Enduring Wealth Capital Ltd. to take control of Cango, indicating the company's serious consideration of this proposal [3]. - The company has been de-emphasizing its car trading business due to challenges in the Chinese market, including oversupply and weak demand, which led to a decline in revenue [6]. Group 2: Financial Performance - Cango invested $250 million in cryptocurrency mining equipment and began operations in November, generating 933.8 bitcoins and recording 653 million yuan ($90 million) in revenue from mining in the fourth quarter of last year, which accounted for over 80% of its total revenue during that period [7]. - The company's shares have doubled in value over the past six months since announcing its transition to bitcoin mining, reflecting positive market sentiment towards this strategic shift [8]. Group 3: Future Prospects - Following the sale of its China-based business, Cango may relocate its headquarters from Shanghai to another country to mitigate risks associated with its bitcoin mining operations, as cryptocurrency mining is illegal in China [5]. - The current control of Cango rests with co-founders Zhang Xiaojun and Lin Jiayuan, who hold 45% of the shares and 92.5% of the voting power, but their future roles remain uncertain if control is transferred to Enduring Wealth Capital [4].

Core Insights - Cango Inc. reported significant growth in Bitcoin production for March 2025, producing a total of 530.1 Bitcoins, which is a 12% increase from 472.7 Bitcoins in February 2025 [1][2] - The average daily Bitcoin production rose to 17.1 Bitcoins, up from 16.9 in the previous month [1] - As of the end of March, Cango's total Bitcoin holdings increased to 2,474.8 Bitcoins from 1,944.7 Bitcoins at the end of February [2] - The company's deployed hashrate remained stable at 32 EH/s, while the average operating hashrate improved to 30.3 EH/s, an increase from 29.7 EH/s in February [2] - The CEO of Cango expressed optimism about the company's operations and growth in the cryptocurrency market [3]

SHANGHAI, April 3, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced that it has entered into definitive agreements to sell its existing business in the PRC (the "PRC Business") to Ursalpha Digital Limited, a company incorporated under the laws of British Virgin Islands (the "Purchaser"), for a total consideration of approximately US$351.94 million in cash (with initial payment of approximately US$210.64 million on the closing date and the remaining amount to be paid su ...