Bitcoin miner Cango Inc. reported a $285 million net loss for Q4 2025 as soaring operational costs and asset impairments overwhelmed revenue.
The company generated $179.5 million in quarterly revenue-$172.4 million from Bitcoin mining-but faced $456 million in total operating expenses. Key drags included an $81.4 million impairment on mining hardware and a $171.4 million fair-value loss on Bitcoin-collateralized receivables. All-in mining costs hit $106,251 per BTC.
For full-year 2025, Cango posted a $452.8 million net loss on $688.1 million in revenue, having mined 6,594.6 BTC. Operating expenses totaled $1.1 billion, including $338.3 million in equipment impairments.
The losses follow Cango’s strategic pivot: in April 2025, it sold its China auto-financing business to Bitmain-linked Ursalpha Digital for $352 million, acquiring 32 EH/s of mining capacity. In February, it raised $75.5 million in equity after selling 4,451 BTC to reduce debt and fund a shift toward AI infrastructure using repurposed mining assets.
CFO Michael Zhang attributed the losses largely to non-recurring transformation costs and market-driven valuation swings.