Cango (CANG) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, April 9, 2026 astatine 9:01 AM CDT 21 min read

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Monday, March 16, 2026 astatine 8 p.m. ET

• Chief Executive Officer — Peng Yu

• Chief Financial Officer — Yongyi Zhang

• Chief Investment Officer — Ming Yeung Tang

• Vice President, Strategy and Investor Relations — Juliet Ye

Peng Yu: Thank you. Hello, everyone, and invited to Cango's Fourth Quarter and Full Year 2025 Earnings Call. 2025 marks a landmark twelvemonth successful our company's history, our archetypal twelvemonth of translation since pivoting to Bitcoin mining successful November 2024. It was a twelvemonth of accelerated execution, and we accomplished respective captious objectives. First, plus restructuring and planetary deployment done a bid of transactions, we relocated our assets from accepted car concern concern to our Bitcoin mining operations wrong 6 months. This helped america physique a planetary distributed mining network. Second, enactment and absorption to align with our caller strategy, we person strengthened our committee and absorption squad with seasoned manufacture professionals.

They person some heavy expertise and established networks successful some integer assets and infrastructure which has sharpened our competitory borderline successful the sector. Third, listing operation optimization during the year, we transitioned from an ADR listing to a nonstop banal listing. This determination lays a coagulated instauration for america to entree a broader scope of superior marketplace tools, scope a broader basal of investors and trim holding costs for existing shareholders. Operationally, 2025 showed a wide execution subject contempt important marketplace volatility successful the 2nd fractional of the year. We maintained nonrecreational standards crossed halfway metrics, including hashrate scale, Bitcoin accumulation and insignificant uptime.

In the 4th fourth of 2025, we recorded full gross of $179 cardinal and produced 1,718.3 Bitcoin. For the afloat year, full gross reached $688 million, with Bitcoin accumulation totaling 6,595.6. As system of standard took clasp we achieved beardown gross maturation and posted affirmative EBITDA for the afloat year. The nett nonaccomplishment attributable to shareholders for 2025 was $622 million, chiefly owed to the pursuing factors: First, immoderate nonrecurring translation costs.

This includes a onetime publication nonaccomplishment of astir $169 cardinal from discontinued operations past a further nonaccomplishment of $257 cardinal came from impairment nonaccomplishment from mining instrumentality and the institution acquired and settled successful equity triggered by america by the important appreciation successful Cango's stock terms betwixt selling and delivery; second, towards the extremity of 4th quarter, the terms of Bitcoin and different crypto currencies declined sharply, driven by outer macroeconomic factors and geopolitical tensions. This resulted successful a just worth nonaccomplishment of $96.5 cardinal connected our Bitcoin holdings and an further impairment proviso of $81 cardinal connected mining machines arsenic a effect of the downward terms interaction connected their just value.