Cango(US:CANG)2025-05-15 11:00Revenue Performance - Total revenues for Q1 2025 were RMB 1.1 billion (US$ 145.2 million), a significant increase from RMB 64.4 million in Q1 2024, primarily driven by the Bitcoin mining business[5] - Total revenues for Q1 2025 reached RMB 1,053,883,166, a significant increase from RMB 64,422,494 in Q1 2024, primarily driven by bitcoin mining income[29] - Bitcoin mining income accounted for RMB 1,046,266,997 in Q1 2025, compared to zero in Q1 2024, highlighting a major shift in revenue sources[29] - Revenue from automotive trading-related income was RMB 7.6 million (US$ 1.0 million), down from RMB 64.4 million in the same period of 2024[8] Bitcoin Mining Operations - The Bitcoin mining operations generated revenues of RMB 1.0 billion (US$ 144.2 million) with a total of 1,541 Bitcoins mined during the quarter, up from 933.8 Bitcoins in the previous quarter[4][7] - The average cost to mine Bitcoin was US$ 70,602.1 per Bitcoin in Q1 2025[5] - The company aims to increase its hashrate from 32 EH/s to approximately 50 EH/s by the end of July 2025[15] Financial Performance - Adjusted EBITDA for Q1 2025 was RMB 27.6 million (US$ 3.8 million), compared to RMB 108.4 million in the same period of 2024[14] - Net loss for Q1 2025 was RMB 207.4 million (US$ 28.6 million), compared to net income of RMB 90.0 million in Q1 2024[13] - Non-GAAP adjusted EBITDA for Q1 2025 was RMB 27,554,022, a decrease from RMB 108,416,223 in Q1 2024, reflecting operational challenges[30] - Earnings per ADS attributable to ordinary shareholders for Q1 2025 was a loss of RMB 2.00, compared to a profit of RMB 0.85 in Q1 2024[29] - The company reported a total comprehensive loss of RMB 245,665,460 in Q1 2025, compared to a comprehensive income of RMB 110,921,714 in Q1 2024[29] Assets and Liabilities - The total balance of cash and cash equivalents and short-term investments was RMB 2.5 billion (US$ 347.4 million) as of March 31, 2025[5] - Total current assets increased to RMB 4,417,499,459 as of March 31, 2025, up from RMB 3,458,107,713 as of December 31, 2024[28] - Total liabilities rose to RMB 3,187,747,227 as of March 31, 2025, compared to RMB 1,882,693,687 as of December 31, 2024, indicating increased financial obligations[28] - The company’s total assets increased to RMB 7,055,060,830 as of March 31, 2025, up from RMB 5,969,323,559 as of December 31, 2024[28] - The company’s cash and cash equivalents rose to RMB 2,515,712,358 as of March 31, 2025, compared to RMB 1,289,629,981 as of December 31, 2024[28] Share Repurchase - The company has repurchased 996,640 ADSs for approximately US$ 1.7 million as part of its share repurchase program[16] Financing Transactions - The total outstanding balance of financing transactions facilitated by the company was RMB 2.6 billion (US$ 358.4 million) as of March 31, 2025, with a decrease in credit risk exposure[5]