Cango Inc. Reports Second Quarter Net Loss of $81.6 Million

Cango Inc. reported its unaudited financial results for the second quarter of 2026, which showed a net loss of $81.6 million.

The Company's total revenue decreased by approximately 50% to $50.8 million compared to the first quarter of 2026, primarily due to the reduction in operating hashrate as it phased out older mining machines and transitioned some capacity to a hosted leasing model.

Total operating costs and expenses were $131.4 million, driven by lower electricity and hosting expenses following the hashrate reduction.

Cango's CEO, Mr. Paul Yu, stated that the Company continues to focus on unit economics rather than scale in its Bitcoin mining business.