Cango (CANG) Q3 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, April 9, 2026 astatine 8:59 AM CDT 13 min read

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Monday, December 1, 2025 astatine 8 p.m. ET

• Chief Executive Officer — Peng Yu

• Chief Financial Officer — Yongyi Zhang

Peng Yu: Hello, everyone, and invited to Cango's 3rd 4th 2025 Earnings Call. This 4th marks the 1-year day of our strategical translation into a Bitcoin miner, an important milestone for the company. Today, I volition uncover our 3rd 4th results and stock however Cango continues to make semipermanent worth successful a rapidly changing marketplace environment. During 3rd quarter, we stay focused connected our halfway mining operations further strengthening Cango's presumption with the skilled and operationally disciplined Bitcoin manner. This is intelligibly reflected successful our fiscal performance. In the 3rd 4th full gross reached USD 225 million, up 60.6% sequentially. Operating income was USD 43.5 cardinal and nett income was USD 37.3 million.

Today, Cango operates a deployed hashrate of 50 exahash globally, positioning america among the starring miners worldwide. In the 3rd quarter, we produced 1,930.8 Bitcoins, averaging 21 Bitcoins per day, up 37.5% and successful full output and 36% successful regular accumulation compared with the 2nd 4th 2025. Leveraging our asset-light exemplary we've built a competitory planetary footprint crossed the Americas, the Middle East and Africa successful conscionable 1 year.

In our mining operations, we proceed to execute our strategy to reprioritize hashrate optimization implicit enlargement by refreshing older, little energy-efficient models to the T21 and S21 bid and disciplined operations with importantly improved mean operating hashrate, from 40.91 exahash successful July to 44.85 exahash successful September and further to 46.09 exahash successful October, with ratio surpassing 90%. In August, we besides acquired a 50-megawatt mining installation successful the authorities of Georgia, lowering per portion operating costs and gathering dedicated vigor infrastructure to enactment our semipermanent strategy. The existent marketplace situation remains volatile with important fluctuations successful Bitcoin prices.

Cango is intimately monitoring these dynamics, and we'll proceed to negociate our deployed output and research concern models to mitigate marketplace risks and heighten operating stability. While consolidating our halfway business, we besides clarified our semipermanent strategy, gathering a planetary distributed AI compute web powered by greenish energy, with Bitcoin combining arsenic a applicable connected ramp towards our vigor and compute ambitions, pursuing the series from Bitcoin mining to vigor workout and from operational extent to AI compute deployments. In the 3rd 4th were executed our phased roadworthy representation with strict fiscal discipline, looking small-scale pilots with wide method and IRR thresholds crossed some vigor and AI compute.