Cango reports second-quarter revenue of $50.8 million as Bitcoin, AI plans advance
Cango Inc. said second-quarter revenue fell to $50.8 million as it reduced mining capacity and continued building out AI infrastructure.
Cango Inc. said on Aug. 31 that second-quarter 2026 revenue fell to $50.8 million as the company cut operating hashrate, phased out older mining machines and continued building out an AI infrastructure business.
The company said the Georgia site is moving toward revenue recognition in the third quarter.
For the quarter ended June 30, Cango reported $47.4 million in Bitcoin mining revenue and $3.4 million in other revenue. Revenue was about 50% lower than in the first quarter of 2026, which the company said reflected a proactive reduction in operating hashrate while it phased out older S19-series mining machines and shifted some capacity to a hosted leasing model.
Operating costs and expenses totaled $131.4 million. Cango said those costs included impairment losses on mining machines and losses tied to changes in the fair value of crypto assets. Loss from operations was $80.6 million, compared with $254.4 million in the first quarter. Net loss from continuing operations was $81.6 million, versus $261.1 million in the prior quarter. Adjusted EBITDA was a loss of $10.7 million, including a $4.1 million loss from changes in the fair value of crypto assets, compared with a loss of $154.1 million in the first quarter.
Chief Financial Officer Simon Tang said the quarter’s net loss was mainly due to non-cash impairment and disposal losses on mining machines. He also said Cango launched a Bitcoin hedging program during the quarter to manage price volatility and improve the predictability of operating cash flows.
Chief Executive Officer Paul Yu said the company remains focused on unit economics in Bitcoin mining while advancing an AI modular build at its LN mining site. He said the Georgia site completed conversion in early July and can support up to 3 megawatts, with room for future expansion. He added that container units were delivered and installed, GPU hardware had been procured and was arriving in staged batches, and Cango plans to pursue bare-metal GPU hosting and colocation.
Cango said the Georgia site is onboarding customers and expects to recognize revenue in the third quarter. The company also said it has begun operating test nodes in Texas and on the West Coast and is evaluating other sites and possible self-build facilities.
Cango said it entered the digital asset space in November 2024 and now operates mining activities across North America, the Middle East, South America and East Africa. It also continues to run its AutoCango.com used car export business.
Management planned a conference call on Aug. 31 at 9:00 p.m. Eastern Time, with a replay available through Sept. 6 and a live and archived webcast at ir.cangoonline.com.
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