Cango Sees Revenue Decline as It Transitions to Compute Business

Cango, a Bitcoin mining and digital infrastructure operator, has made significant changes to its business strategy. The company reported a 50% sequential decline in revenue for the second quarter ended June 30, 2026, from $100 million to $50.8 million. This decrease was intentional, as Cango right-sized its fleet by decommissioning older, less efficient S19-series ASIC machines and transitioning portions of capacity to hosted leasing models.

The company's net loss from continuing operations narrowed to $81.6 million, down from a net loss of $261.1 million in the previous quarter. Adjusted EBITDA loss improved significantly to $10.7 million from $154.1 million in Q1 2026. Cango's total operating hashrate remained at 27.58 EH/s, consisting of 19.84 EH/s of proprietary self-mining capacity and 7.74 EH/s of leased hashrate.

Cango also made progress on its transition into high-performance compute and AI infrastructure. The company completed the conversion of its LN mining site in Georgia to a 3 MW facility, providing scope for future expansion. Modular container units have been installed, and procured GPU hardware is arriving in staged batches. Cango established two primary service models for its compute business: bare-metal GPU hosting and colocation.