Financial Performance Overview
In an impressive demonstration of growth, Cango has announced its financial performance for the third quarter of 2025, with total revenues hitting $225 million. This figure reflects a remarkable increase of 60.6% compared to the prior quarter. The company not only turned its financial fortunes around from a year earlier but also recorded an operating profit of $43.5 million and a net profit of $37.32 million. This turnaround is particularly notable given the losses faced in the same quarter of the previous fiscal year.
Mining Achievements
Celebrating its one-year anniversary as a strategic player in the mining industry, Cango’s global computing power has reached an impressive 50 EH/s, positioning the company among top contenders in the sector. During this quarter, Cango successfully mined 1,930.8 Bitcoins, achieving a 37.5% increase from the preceding quarter, with an average of 21 Bitcoins produced daily and an associated cost of $99,383 per Bitcoin.
Operational Enhancements
To enhance mining efficiency, Cango has undertaken significant upgrades, including the rollout of the T21/S21 series equipment and the establishment of a new 50 MW mining facility based in Georgia, which has elevated computing efficiency beyond 90%. By the beginning of October, the company’s operational computing power further climbed to 46.09 EH/s.
Future Initiatives
Looking ahead, Cango is committed to developing a long-term strategy aimed at establishing a “green energy-driven global distributed AI computing network.” This initiative will leverage the company’s experience with distributed operations and its strategic energy partnerships, ultimately forming a standardized GPU computing resource pool intended to serve the unique requirements of small to medium-sized enterprises. Additionally, Cango is kickstarting energy pilot projects in Oman and Indonesia, which are projected to commence within the next 1-2 years.
