Cango Reports Second-Quarter Revenue of $50.8 Million and Net Loss of $81.6 Million

Bitcoin miner Cango Inc. reported unaudited second-quarter results for the period ended June 30, 2026, with total revenue of $50.8 million and a net loss of $81.6 million. According to ChainCatcher, the loss was mainly driven by non-cash impairment and disposal losses on mining machines. The company said Bitcoin mining revenue reached $47.4 million, while it held 1,056 Bitcoin as digital asset reserves and had $31.2 million in long-term debt. Total operating hashrate was 27.58 EH/s, including 19.84 EH/s self-operated and 7.74 EH/s leased capacity, and the company mined 656 Bitcoin during the quarter. Cango said its average cash cost per Bitcoin fell about 5% quarter over quarter to $73,313. The company has begun hedging strategies. CEO Paul Yu said Cango has completed upgrades at its Georgia site, which can support up to 3 MW, installed container units, and received GPU hardware in batches. He said the company plans to launch bare-metal GPU hosting and colocation services and expects revenue from them in the third quarter. CFO Simon Tang said the net loss was mainly due to non-cash items.