Cango Q3 earnings: CANG revenue rises to $224.6M, management touts AI shift

Core Insights - Cango reported total revenues of $224.6 million for Q3 2025, a 60.6% increase from Q2 2025, with net income of $37.3 million and operating income of $43.5 million [1] - The majority of revenue, $220.9 million, came from Cango's bitcoin mining operations, which saw a 37.5% increase in total output, mining 1,930.8 bitcoin during the quarter [2] - Cango's Adjusted EBITDA for Q3 was $80.1 million, a significant rise from $1.2 million in the same period of 2024 [2] Bitcoin Mining Operations - Daily bitcoin production averaged 21.0 bitcoin, a 36% increase over the prior period, with a total of 5,810 bitcoin mined since entering the industry in Q4 2024 [3] - The average cost to mine a single bitcoin was $81,072, with an all-in cost of $99,383 [3] - The average operating hashrate increased from 40.91 EH/s in July to 44.85 EH/s in September, further improving to 46.09 EH/s in October due to operational enhancements and hardware upgrades [4] Strategic Vision - Cango's CEO outlined a long-term strategy to build a global, distributed AI compute network powered by green energy, viewing bitcoin mining as a pathway to energy access and AI compute deployment [5] - The company has a roadmap with three phases: immediate GPU computing power leasing, medium-term self-operated data center hubs for inference services, and a long-term global AI compute grid [6] - Cango is currently working on energy projects in Oman and Indonesia, expected to be commissioned within one to two years [6] Reporting Changes - Cango changed its reporting currency from RMB to USD effective this quarter [7]