Cango's Q2 Revenue Falls 64% Amid Mining Reset

Cango Inc., listed on the NYSE as CANG, reported its Q2 2026 earnings, showing a significant decline in revenue and a narrowing of losses per share. The company's revenue dropped about 64% year-over-year to $50.8 million, while its diluted loss per ordinary share from continuing operations narrowed to $1.99 from $8.26.

The main driver behind the improved financials was the lower mining-machine impairment, which decreased by $214.0 million compared to Q2 2025. However, Cango's adjusted EBITDA turned negative, falling from a profit of $102.5 million in Q2 2025 to a loss of $10.7 million in Q2 2026. This shift was largely due to the disappearance of prior-year crypto fair-value gains.

The company reduced its mining scale and operating hashrate, which lowered average cash costs per Bitcoin by about 5% sequentially to $73,313. Cango also made progress on developing its AI computing infrastructure, with its Georgia site completing conversion in early July and expected to generate revenue through bare-metal GPU hosting and colocation services starting in Q3.