Catenaa, Sunday, December 07, 2025-Cango posted $224.6 million in revenue for the third quarter, a 60.6% increase from the previous quarter, driven by rising bitcoin mining output and operational efficiency improvements.
The NYSE-listed company mined 1,930.8 BTC during the quarter, up 37.5% from the prior quarter, with operating income of $43.5 million and net income of $37.3 million.
Adjusted EBITDA reached $80.1 million. The firm’s operating hashrate grew from 40.9 EH/s in July to 44.9 EH/s in September and exceeded 46 EH/s in October, achieving more than 90% efficiency against installed capacity.
Cango transitioned from a China-focused automotive services platform into bitcoin mining in late 2024 and has since mined a total of 5,810 BTC.
The company divested its mainland operations earlier this year and now operates from the Cayman Islands with a focus on energy and AI compute projects across North America, South America, the Middle East, and East Africa.
It is currently among the top 15 public bitcoin miners by market capitalization.
CEO Paul Yu highlighted Cango’s long-term strategy of building a global AI compute network powered by green energy, with bitcoin mining serving as the operational on-ramp.
The company is pursuing near-term GPU computing leasing, regional AI hubs, and large-scale energy projects in Oman and Indonesia, expected within one to two years.
Bitcoin traded near $87,330 as of Sept. 30, with Cango reporting average all-in mining costs of $99,383 per bitcoin, or $81,072 excluding depreciation.
