Cango Reports $81.6M Net Loss in Q2 Amid Shift to AI Infrastructure
Cango Inc., a bitcoin miner turned AI infrastructure provider, reported a net loss of $81.6 million in Q2 2026, compared to a smaller loss in the prior quarter.
The company's revenue dropped 50% sequentially to $50.8 million as Cango deliberately scaled back mining operations to reduce costs and improve efficiency.
Average cash mining cost fell 35% from Q1 to $73,313 per bitcoin, showing better operating efficiency, while the company mined 656 bitcoins in the quarter with mining revenue of $47.4 million.
Cango said its first AI customer contract was signed after quarter end, and AI revenue should begin in Q3. The company's market capitalization stands at $98 million, while it posted earnings per share of -$21.35 over the last twelve months as of Q1 2026.