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CANG

Cango Inc.

CANG

Cango Inc. • NYSE
$1.50 ▲ 2.74% (+0.04)
Market Cap $531.80 M
52w High $4.83
52w Low $1.16
Dividend Yield 0%
P/E -0.83
Volume 408.90K
Outstanding Shares 354.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.002B ▼ $1.301B ▲ $-2.116B ▼ -211.228% ▼ $-7.12 ▼ $-1.287B ▼
Q1-2025 $1.054B ▲ $254.264M ▲ $-207.356M ▼ -19.675% ▼ $-1 ▼ $-173.152M ▼
Q4-2024 $668.033M ▲ $161.073M ▲ $55.886M ▼ 8.366% ▼ $0.27 ▼ $53.934M ▲
Q3-2024 $26.953M ▼ $-31.544M ▼ $67.879M ▼ 251.839% ▲ $0.3 ▼ $29.794M ▼
Q2-2024 $45.08M $-28.421M $86.023M 190.824% $0.42 $38.386M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $843.82M ▼ $8.045B ▲ $3.339B ▲ $4.706B ▲
Q1-2025 $2.521B ▲ $7.055B ▲ $3.188B ▲ $3.867B ▼
Q4-2024 $2.521B ▼ $5.969B ▲ $1.883B ▲ $4.087B ▲
Q3-2024 $3.775B ▲ $4.527B ▼ $555.747M ▼ $3.972B ▲
Q2-2024 $3.685B $4.565B $617.498M $3.947B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-2.116B ▼ $0 $0 $0 $0 $0
Q1-2025 $-207.356M ▼ $0 $0 $0 $0 $0
Q4-2024 $55.886M ▼ $0 $0 $0 $0 $0
Q3-2024 $67.879M ▼ $0 $0 $0 $0 $0
Q2-2024 $86.023M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Cango’s income statement shows a company in the middle of a major transition, with very choppy results. Sales were much higher a few years ago and have since shrunk materially as the legacy auto business was wound down. At the same time, profitability has swung from a large loss to a recent profit, helped by cost cuts and non‑operating gains rather than a strong, growing core business. The most recent year looks much healthier on the surface, with positive operating profit and net income, but the history of big ups and downs suggests earnings quality and stability are still a concern. As the business pivots into Bitcoin mining and related infrastructure, past revenue and profit patterns may tell more about management’s ability to adjust quickly than about what future earnings will look like.

Balance Sheet

Balance Sheet The balance sheet has been steadily shrinking as Cango sold or exited parts of its old operations, but it remains relatively clean. Total assets are down meaningfully from earlier years, yet debt has been cut back sharply, leaving the company with a light borrowing load and a net cash position. Equity has also trended lower, reflecting past losses and asset sales, but still stands well above the remaining debt. Overall, Cango appears financially conservative: modest cash on hand, low leverage, and a downsized but not overstretched balance sheet. That gives it some room to fund its new Bitcoin mining and data‑center strategy, though the smaller asset base also means less cushion if the new direction underperforms.

Cash Flow

Cash Flow Cash flow has been uneven and generally weaker than the income statement might suggest. Operating cash flow has flipped between positive and negative, with only one clearly strong year recently. Free cash flow has been negative in most years, especially lately, as Cango ramped up investment, including a step‑up in capital spending tied to its infrastructure build‑out. In simple terms, the business has not yet shown a consistent ability to turn accounting profits into steady cash generation. The recent increase in investment spending raises the stakes: future cash flows will depend heavily on the success and efficiency of the new mining and data‑center assets, and there is limited margin for prolonged missteps.

Competitive Edge

Competitive Edge Cango’s competitive position is now defined far more by its place in global Bitcoin mining than by its auto roots. It has moved quickly to build a sizable mining footprint, with a focus on high energy efficiency, diversified locations across several countries, and a mix of owned and third‑party facilities. This combination can help lower costs and reduce the impact of local regulatory or power‑price shocks. Its “mine and hold” approach to Bitcoin, strong initial capital base from selling old assets, and partnerships with established mining hardware providers all support a credible entry. However, Cango is a relative newcomer competing against entrenched miners in a brutally cyclical, price‑sensitive industry. Its edge rests on execution, cost discipline, and risk management rather than on exclusive technology, and its results will be tightly tied to Bitcoin prices and policy changes in host countries.

Innovation and R&D

Innovation and R&D Cango’s innovation is less about inventing new chips and more about how it designs and runs its infrastructure. The company has emphasized energy‑efficient mining, carefully chosen low‑cost power sites, and a hybrid model that blends owned facilities with outsourced capacity. The acquisition of a large U.S. site powered by relatively cheap, renewable energy fits this theme of efficiency and control. Looking ahead, Cango’s stated plan to expand into high‑performance computing and AI‑oriented data‑center services is an important potential evolution. The idea is to build an “energy plus computing” platform that can flex between Bitcoin mining and AI workloads. If executed well, that could reduce reliance on a single, highly volatile revenue source. But it remains early‑stage and largely a roadmap; meaningful technical execution, customer traction, and regulatory clarity will be needed before this vision becomes a proven growth engine.

Summary

Cango is a company in full transformation: shrinking legacy auto‑related revenue, a much smaller but cleaner balance sheet, and a bold bet on Bitcoin mining and, eventually, high‑performance computing. The latest income statement shows a return to profitability after a deep loss, but cash flows are still inconsistent and heavily influenced by investment needs and non‑core items. Financially, low debt and net cash provide some safety, yet the reduced scale and mostly negative free cash flow heighten execution risk. Competitively, Cango’s speed of pivot, global site diversification, and focus on energy efficiency give it a plausible position in Bitcoin mining, but it lacks an entrenched moat and operates in a highly volatile, policy‑sensitive arena. The longer‑term upside depends on whether it can successfully turn its mining infrastructure into a broader energy‑and‑computing platform, while stabilizing earnings and cash flow along the way.

NEWS

November 25, 2025 · 6:00 AM UTC

Cango Inc. to Report Third Quarter 2025 Financial Results on December 1, 2025, Eastern Time

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November 17, 2025 · 6:00 AM UTC

Cango Inc. Class A Ordinary Shares Begin Trading on NYSE

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November 6, 2025 · 5:00 AM UTC

Cango Inc. Releases Letter to Shareholders

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November 3, 2025 · 5:00 AM UTC

Cango Inc. Announces October 2025 Bitcoin Production and Mining Operations Update

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October 15, 2025 · 6:00 AM UTC

Cango Inc. to Terminate ADR Program and List Class A Ordinary Shares Directly on NYSE

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