Cango Inc.

What they do

Cango Inc. previously conducted loan facilitation, aftermarket services, financing leasing, domestic automobile trading and related services in the PRC through VIE contractual agreements. On May 27, 2025, the company finalized the divestment of all of its PRC Business and deconsolidated the related VIEs, treating the disposal as a discontinued operation. Following the divestment, the company's continuing operations are focused on Bitcoin mining, referenced by its use of hash rate and EH (exahash per second) terminology. The company terminated its American Depositary Receipt program on November 14, 2025, and its Class A ordinary shares began direct listing and trading on the NYSE on November 17, 2025.

Revenue drivers

• Bitcoin mining — The company's continuing operations focus on Bitcoin mining, as indicated by its use of hash rate and EH (exahash per second) conventions in the filing. No segment-level revenue breakdown was provided in the excerpts.
• PRC Business (divested) — The company previously earned revenue from loan facilitation, aftermarket services, financing leasing services, and domestic automobile trading in the PRC through VIEs. This business was divested on May 27, 2025, and is presented as a discontinued operation.

Recent performance

Fiscal 2025 revenue was $688.1 million, up from $89.9 million in 2024, but net loss was $622.0 million compared to net income of $41.7 million in 2024. Operating cash flow was negative $109.8 million in 2025 versus negative $40.8 million in 2024. At December 31, 2025, total assets were $1.13 billion, total liabilities were $735.9 million, and shareholder equity was $397.0 million. Cash and equivalents stood at $41.2 million, while long-term debt was $557.6 million. The 2025 results reflect the deconsolidation of the PRC Business following its May 2025 divestment.

Strategy

The company completed the divestment of all of its PRC Business on May 27, 2025, and deconsolidated the related VIEs, representing a strategic shift away from its prior China auto-financing operations. Its continuing operations are concentrated on Bitcoin mining. In November 2025, the company terminated its ADS program and moved to a direct listing of Class A ordinary shares on the NYSE to simplify its capital structure. The filing excerpts do not describe further strategic initiatives or investments beyond these actions.

Risks

• Bitcoin price and mining economics — As a Bitcoin mining company, revenue and profitability are directly exposed to Bitcoin price volatility and changes in network hash rate and mining difficulty.
• Liquidity and leverage — At December 31, 2025, cash and equivalents were $41.2 million against $557.6 million of long-term debt and negative operating cash flow of $109.8 million for 2025.
• History of losses and volatile results — The company reported a net loss of $622.0 million in 2025, compared with net income of $41.7 million in 2024 and net losses in 2021, 2022, and 2023.
• Post-divestment transition and limited operating history — Following the May 2025 divestment of all PRC Business and deconsolidation of related VIEs, the company's continuing Bitcoin mining operations have a short track record and the excerpts provide no detailed segment performance.

Outlook

The filing excerpts do not include management's forward-looking outlook or guidance. The company's results will depend on its Bitcoin mining operations following the May 2025 divestment of the PRC Business and the November 2025 change to a direct NYSE listing of Class A ordinary shares. No specific operational or financial targets are provided in the excerpts.