SHANGHAI, May 19, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG), a company rapidly gaining ground within the Bitcoin mining industry, has released its first quarter performance review, conducted by Apollo Insights. The review, shared today, indicates that Cango’s revenue from Bitcoin mining in Q1 2025 aligned with company projections. The report also acknowledged the company’s strong operational effectiveness and future expansion possibilities.
The Apollo Insights report, entitled “Q1 BTC Mining Revenue As Expected; Hash Rate Primed for Expansion,” states that Cango generated RMB 1,046 million in Bitcoin mining revenue during the first quarter of 2025, which meets the firm’s prior estimates. The report mentions an adjusted EBITDA loss for Q1 2025, primarily due to the fluctuating price of Bitcoin and costs associated with their legacy automotive business. However, Apollo Insights remains optimistic regarding future profitability, citing the potential for operational leverage within the Bitcoin mining sector. The firm has increased its full-year 2025 revenue forecast to RMB 5,173 million, reflecting revised higher Bitcoin price expectations, which are partially offset by increased network difficulty.
The analysis highlights Cango’s effective operational performance during Q1 2025, with their deployed hash rate reaching 32 EH/s by the end of the quarter. Notably, in March 2025, Cango achieved an industry-leading productivity rate of 16.6 Bitcoin mined per EH/s. The company successfully mined a total of 1,541 Bitcoins during the quarter and held a total of 2,475 Bitcoins as of March 31, 2025, without selling any.
Apollo Insights predicts substantial growth in hash rate, anticipating that Cango will exit fiscal years 2025E and 2026E with deployed hash rates of 42 EH/s (a year-over-year increase of 10 EH/s) and 54 EH/s (a year-over-year increase of 12 EH/s), respectively. This growth anticipates the planned acquisition of 18 EH/s, which is expected to finalize by the close of July 2025.
Looking forward, the report indicates that Cango, equipped for the future and possessing strong operational adaptability, intends to pursue more advantageous mining contracts, explore managing its own mining equipment fleet, consider investing in affordable, clean energy initiatives in regions like the Middle East and Australia, provide diverse digital financial services, and further develop its “asset light” used car platform.
About Cango Inc.
Cango Inc. (NYSE: CANG) is predominantly focused on its leading Bitcoin mining operations. Cango’s mining activities are strategically located across various regions, including North America, the Middle East, South America, and East Africa. The company ventured into the crypto assets market in November 2024, driven by advancements in blockchain technology, the increasing acceptance of crypto assets, and a desire to diversify its business portfolio. Additionally, Cango has maintained its automotive transaction services in China since 2010, with the goal of making car purchasing a streamlined and enjoyable experience. For additional details, please visit: www.cangoonline.com.
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Cango Inc.
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SOURCE Cango Inc.