Cango Suffers $82M Net Loss in Q2 Amid Mining Revenue Drop

Cango Inc., a bitcoin miner and AI infrastructure provider, reported a net loss of $81.6 million in Q2 2026 due to a sharp sequential drop in revenue to $50.8 million.

The company's revenue fell by 50% from the prior quarter as it deliberately scaled back mining operations, resulting in lower bitcoin production and revenue but also reduced costs.

Cango mined 656 bitcoins in Q2, with mining revenue of $47.4 million, while its average cash mining cost dropped to $73,313 per bitcoin, down 35% from the previous quarter.

The company's AI infrastructure business is expected to contribute modestly in Q3, after signing its first customer contract and completing construction at its Georgia facility.