Cang (CANG.US) Q2 total revenue fell about 50% quarter-on-quarter; mined 656 bitcoins

Zhitong Finance APP has learned that Cango (CANG.US) announced its financial results for the second quarter of 2026. The earnings report shows that the company’s Q2 total revenue was $50.8 million, a decline of about 50% quarter-on-quarter, of which Bitcoin mining business revenue was $47.4 million. Operating loss for the period was $80.6 million, and net loss from continuing operations was $81.6 million, mainly due to non-cash impairment losses and disposal losses on mining machines. Adjusted EBITDA loss was $10.7 million.

During the second quarter, the company’s total operating costs and expenses were $131.4 million, primarily relating to the Bitcoin mining business and recognition of impairment losses on mining machines, and including losses from the fair value changes of crypto assets. Among these, impairment losses on mining machines amounted to $42.9 million, disposal losses on mining machines were $8.5 million, and losses from crypto asset fair value changes were $4.1 million, compared to $151.8 million in such losses in the first quarter of 2026.

By the end of the quarter, the company held 1,056 Bitcoin as digital asset reserves, and had long-term debt of $31.2 million. As of June 30, 2026, the company’s total hash rate had reached 27.58 EH/s, of which self-owned hash rate was 19.84 EH/s and leased hash rate was 7.74 EH/s. The company mined 656 Bitcoin during the quarter. The average cash cost of Bitcoin declined about 5% quarter-on-quarter to $73,313.

Paul Yu, CEO of Cango, stated in the earnings report: “In our Bitcoin mining business, we have always focused on unit economics rather than blindly pursuing scale expansion. At the same time, we are continuously advancing modular AI construction at the LN mining site. The Georgia mining farm completed its renovation in early July, and the infrastructure can now support up to 3 megawatts of power capacity, with room for future expansion.”

“Container units have been delivered and installed on site, GPU hardware has also been procured and is arriving in batches to support phased deployment and production. In the future, we plan to implement two business models: one is bare metal GPU hosting services, utilizing our own infrastructure to provide a standardized deployment environment; the other is dedicated server hosting services, aimed at improving overall infrastructure utilization. Currently, the Georgia mining farm is actively onboarding clients, and related revenues are expected to be recognized in the third quarter. In addition, to meet some clients’ demand for low-latency deployment, we have initiated test node operations in Texas and on the US West Coast as part of phased deployment,” Yu added.