Earnings ·
Cango Inc. reported unaudited financial results for the second quarter ended June 30, 2026, generating total revenue…
CANGCango Inc.
Cango Inc. reported unaudited financial results for the second quarter ended June 30, 2026, generating total revenue of US$50.8 million and a net loss of US$81.6 million. Revenue declined approximately 50% sequentially due to the proactive reduction of operating hashrate as older S19 series machines were phased out. The company mined 656 Bitcoins during the quarter, holding 1,056 BTC in treasury reserves as of June 30. Average cash cost per Bitcoin decreased by roughly 5% to US$73,313. Operating costs included a US$42.9 million impairment loss and an US$8.5 million loss on the disposal of mining machines. The company launched a Bitcoin hedging program to manage price volatility exposure. Cango Inc. operates in the cryptocurrency mining industry while developing integrated energy and AI compute platforms.