Cango Posts Wider Loss on Lower Revenue and Non-Cash Charges

Cango reported a sharp sequential drop in revenue and a wider loss in Q2 2026, hurt by non-cash impairment and disposal charges. Revenue fell to $50.8 million from the prior quarter, while the company posted a net loss of $81.6 million.

The company mined 656 bitcoins in the quarter, with mining revenue of $47.4 million. Average cash mining cost fell 35% from Q1 to $73,313 per bitcoin, showing better operating efficiency.

Cango said its first AI customer contract was signed after quarter end, and AI revenue should begin in Q3. The company completed construction at its Georgia AI facility in early July, after the quarter ended.