Cango Inc. Reports First Quarter 2025 Unaudited Financial Results

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].