Cango Posts $81.6 Million Net Loss in Q2 as Mining Revenue Plummets

Cango's second-quarter revenue plummeted by 50% to $50.8 million due to a deliberate reduction in mining operations, leading to a net loss of $81.6 million.

The company mined 656 bitcoins during the quarter, with mining revenue of $47.4 million. However, lower electricity and hosting expenses contributed to improved operating efficiency, with average cash mining costs falling by 35% from Q1 2026 to $73,313 per bitcoin.

Cango's shift towards AI infrastructure is underway, with the company signing its first customer contract after the quarter ended. The deal marks the beginning of AI-related revenue in Q3 2026, although it will be modest. Cango also completed construction on its Georgia AI facility and is evaluating additional sites.