Cango Q2 Revenue Reaches $50.8M as AI Infrastructure Business Enters Commercial Phase

Odaily News: Cango, a New York Stock Exchange-listed company, reported Q2 revenue of $50.8 million, with BTC mining contributing $47.4 million and other businesses $3.4 million. As of June 30, Cango held 1,056 BTC, with cash and cash equivalents of $10.1 million and long-term debt of $31.2 million.

In mining, Cango phased out less efficient S19 series miners and partially shifted to a hash rate leasing model. As of June 30, the company's self-operated hash rate was 19.84 EH/s, leased hash rate was 7.74 EH/s, totaling 27.58 EH/s. In Q2, the company mined 656 BTC at an average cash mining cost of $73,313 per coin, down about 5% from Q1. Cango also began implementing a BTC hedging strategy to reduce the impact of price volatility on operating cash flow.

In AI infrastructure, Cango's LN mining site in Georgia, USA, completed renovation in early July, now supporting up to 3 MW capacity with room for future expansion. Containerized equipment has been installed, and GPU hardware is arriving in batches. Cango has signed its first AI customer contract, with revenue recognition expected to begin in Q3.

Additionally, Cango plans to develop both bare-metal GPU hosting and cabinet hosting models, though no formal cabinet hosting contracts have been signed yet. The company has deployed test nodes in Texas and the U.S. West Coast to meet customer proximity needs and is evaluating more potential sites and the possibility of self-built facilities.