Cango Inc. Reports $81.6 Million Second Quarter Loss

While top-line revenue dropped to $50.8 million—a 50% decrease from the first quarter—the company maintains that its shift toward a leaner operating model is beginning to yield results. By phasing out legacy S19 series machines and increasing its focus on a leasing model, the miner managed to reduce its average cash cost per Bitcoin to $73,313, a sequential improvement of approximately 5%. The company currently holds 1,056 Bitcoins in its treasury, with total operating hashrate standing at 27.58 EH/s.

Beyond mining, Cango is pivoting toward high-performance computing. CEO Paul Yu confirmed the conversion of its Georgia facility into an AI-ready site capable of supporting 3 megawatts, with plans to offer bare-metal GPU hosting and colocation services. To manage ongoing market volatility, the company has also implemented a new hedging program, which CFO Simon Tang described as a strictly risk-mitigation tool rather than a speculative venture.