Cango announced its second-quarter financial report, with revenue of 50.8 million USD

Cango Inc. (NYSE: CANG), a Bitcoin mining company, announced its unaudited financial results for the second quarter ending June 30, 2026, on August 31. The total revenue for the quarter was $50.8 million, of which Bitcoin mining revenue was $47.4 million, with a net loss of $81.6 million, primarily impacted by non-cash impairment and disposal losses of mining machines. The company holds 1,056 Bitcoins as digital asset reserves and has long-term debt of $31.2 million.The total operational hash rate reached 27.58 EH/s, including 19.84 EH/s self-operated and 7.74 EH/s leased. The company mined 656 Bitcoins during the quarter, with the average cash cost per Bitcoin decreasing by approximately 5% quarter-over-quarter to $73,313. The company has initiated a hedging strategy. CEO Paul Yu stated that the company focuses on the economic efficiency of mining units, has completed the transformation of the Georgia site (capable of supporting up to 3 megawatts), container units have been installed, GPU hardware has arrived in batches, and plans to launch bare-metal GPU hosting and managed services, expecting to generate revenue in the third quarter. CFO Simon Tang mentioned that the net loss mainly comes from non-cash items.