Cango Inc. Reports Second Quarter Loss, Continues Diversification Strategy
Cango Inc., a leading Bitcoin miner and developer of an integrated energy and AI compute platform, reported its unaudited financial results for the second quarter ended June 30, 2026. Despite a broader decline in revenue across the mining industry, Cango continued to advance its diversification strategy through EcoHash's commercial progress and cost management.
Total revenue reached US$50.8 million, primarily driven by US$47.4 million from Bitcoin mining. However, net loss was US$81.6 million, mainly due to non-cash impairment and disposal losses on mining machines.
The company held 1,056 BTC as digital asset reserves and had long-term debt of US$31.2 million. Cango's total operating hashrate reached 27.58 EH/s, with self-mining capacity at 19.84 EH/s and leased hashrate capacity at 7.74 EH/s.
The company began to execute a hedging strategy to mitigate price volatility on operations. CEO Paul Yu stated that Cango continues to focus on unit economics rather than scale, while also delivering on AI modular builds at its LN mining site in Georgia.