Cango Shares Crash as Q2 Bitcoin Mining Revenue Plummets Over 50%

Cango (CANG) stock plummeted over 21% following the cryptocurrency mining company's disclosure of an $81.6 million net loss in Q2 2026.

The quarterly performance significantly underperformed Street forecasts, with earnings per share registering at ¥-13.370, falling short of the ¥-6.820 analyst consensus by ¥6.55.

Revenue totaled $50.8 million, a 50% decrease from the prior quarter, with bitcoin mining contributing $47.4 million.

The company decommissioned aging S19 mining equipment and transitioned portions of its capacity toward a hosted leasing arrangement to optimize its mining footprint.