Cango(US:CANG) Prnewswire·2025-12-01 22:00Core Insights - Cango Inc. has reported significant growth in its financial performance for Q3 2025, marking a pivotal year since its strategic transformation into a bitcoin mining company [3][4][6] - The company aims to build a global AI compute network powered by green energy, viewing bitcoin mining as a stepping stone towards this goal [4][8] Financial Performance - Total revenues for Q3 2025 reached US$224.6 million, a 60.6% increase compared to Q2 2025 [6][9] - Revenue from bitcoin mining was US$220.9 million, with 1,930.8 BTC mined during the quarter, averaging 21.0 BTC per day, which is a 37.5% increase in total output compared to Q2 2025 [6][9] - Operating income was US$43.5 million, and net income was US$37.3 million, compared to an operating loss of US$1.2 million and net income of US$9.5 million in Q3 2024 [11][12] Operational Highlights - The company operates a deployed hashrate of 50 EH/s globally, positioning it among the leading bitcoin miners [3] - Average operating hashrate increased from 40.91 EH/s in July to 46.09 EH/s in October 2025, with efficiency surpassing 90% [6] - The average cost to mine was US$81,072 per BTC, with all-in costs of US$99,383 per BTC [6] Strategic Initiatives - Cango is executing a phased roadmap for its AI compute network, with projects in Oman and Indonesia expected to be commissioned within one to two years [4][5] - The company has transitioned to a direct listing on the NYSE to optimize its capital structure and enhance corporate transparency [6][14] Future Outlook - In the near term, Cango plans to enter the market with GPU computing power leasing, focusing on rapid node deployment [7] - The medium-term strategy involves evolving into a regional AI compute network with self-operated data center hubs [7] - Long-term goals include building a global, distributed AI compute grid powered by green energy [8]