Cango Stock Tanks 21% After $81.6M Q2 Loss Driven by Mining Machine Charges

Cango's stock plummeted by over 21% in morning trading on September 1 after the company reported an $81.6 million net loss for the second quarter.

The quarterly loss exceeded Cango's revenue of $50.8 million, with Bitcoin mining accounting for nearly all sales at $47.4 million.

The loss was primarily driven by non-cash impairment and disposal losses on mining machines, which accounted for the bulk of the reported deficit.

Cango mined 656 BTC during the quarter, with its total operating hashrate standing at 27.58 EH/s as of June 30.