Cango Announces Second Quarter Financial Results, Revenue of $50.8 Million Bitcoin mining company Cango Inc. (NYSE: CANG) announced its unaudited financial results for the second quarter ended June 30, 2026, on August 31. Total revenue for the quarter amounted to $50.8 million, with $47.4 million generated from Bitcoin mining operations. The company reported a net loss of $81.6 million, primarily driven by non-cash impairment and disposal losses on mining equipment. Cango holds 1,056 Bitcoin as digital asset reserves and has long-term debt of $31.2 million. The company’s total operational hash rate reached 27.58 EH/s, comprising 19.84 EH/s from self-operated facilities and 7.74 EH/s from leased capacity. During the quarter, Cango mined 656 Bitcoin, with the average cash cost per Bitcoin declining approximately 5% quarter-over-quarter to $73,313. The company has initiated hedging strategies. CEO Paul Yu stated that the company is focused on improving unit economics in mining, having completed the retrofit of its Georgia site (capable of supporting up to 3 MW), installed containerized units, and received GPU hardware in phased deliveries. Cango plans to launch bare-metal GPU hosting and managed services, with revenue expected in the third quarter. CFO Simon Tang noted that the net loss was primarily attributable to non-cash items.