Cango's Q1 Loss Widens as Bitcoin Collateral Losses Mount

Cango Inc., a Bitcoin mining company, reported a net loss of $261.1 million in Q1 2026, primarily driven by non-cash impairment charges on mining hardware and fair value losses on Bitcoin collateral.

The company's total revenue for the quarter stood at $102 million, reflecting a strategic shift toward margin resilience over scale.

Cango significantly reduced its operational hashrate and long-term debt during the period. The cash cost per Bitcoin mined decreased by 9% compared to Q4 2025, reaching $76,928 per coin as Cango phased out less efficient S19 miners in favor of S21 models.