Dallas, Texas, USA, March 16, 2026, Cango Inc. (NYSE: CANG, hereinafter referred to as "Cango" or "the Company") today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025. As a Bitcoin mining company relying on a global operational layout and committed to building an integrated energy and AI computing power platform, Cango is continuously advancing its business transformation and infrastructure development.

Financial and Operational Highlights for Full Year and Fourth Quarter 2025

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Revenue from Bitcoin mining operations for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Adjusted EBITDA for the full year was $24.5 million, while it was -$156.3 million in the fourth quarter.

• Mining Operations and Costs:

A total of 6,594.6 Bitcoins were mined throughout the year, averaging 18.07 Bitcoins per day; in the fourth quarter, 1,718.3 Bitcoins were mined, averaging 18.68 Bitcoins per day.

The average mining cost for the year (excluding miner depreciation) was $79,707 per Bitcoin, with $84,552 in the fourth quarter;

the total costs were $97,272 per Bitcoin and $106,251 per Bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 Bitcoins since entering the Bitcoin mining business.

• Strategic Progress:

The company has completed the termination of its ADR (American Depository Receipt) program and opted for a direct listing on the New York Stock Exchange to enhance information transparency and align with strategic direction, expected to expand the investor base in the long run.

CEO Paul Yu stated, "2025 marks the first full year of the company as a Bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We have completed a comprehensive adjustment of our asset structure and established a globally distributed mining network. Meanwhile, the company has brought in a new management team, further enhancing our capabilities and competitive advantages in the fields of digital assets and energy infrastructure. The completion of our direct listing on the New York Stock Exchange and dollar-denominated trading also signifies our transformation towards a global AI infrastructure company."

"Entering 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to its mining machine portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. Currently, related site renovations and product developments are progressing in parallel, laying a solid foundation for the company to execute continuously in this new phase."

CFO Michael Zhang stated, "In 2025, the company achieved significant revenue growth relying on scalable mining operations. The ongoing business recorded a net loss of $452.8 million, primarily affected by one-time transformation costs and fair value adjustments driven by the market. From a financial perspective, the company will reduce leverage levels by optimizing Bitcoin reserve strategies and liquidity management, and introduce new capital to strengthen its financial capabilities, enabling us to respond to market fluctuations while seizing investment opportunities in high-potential areas such as AI infrastructure."

Fourth Quarter 2025 Financial Performance of Continuing Operations

Revenue

Total revenue for the fourth quarter was $179.5 million. Among this, the Bitcoin mining business contributed $172.4 million, with an output of 1,718.3 Bitcoins for the quarter. Revenue from international automobile trading was $4.8 million.

Operating Costs and Expenses

Total operating costs and expenses for the fourth quarter were $456 million, primarily from expenses related to Bitcoin mining operations, as well as impairment of mining machines and fair value loss on Bitcoin collateral receivables.

Specifically including:

· Cost of revenue (excluding depreciation): $155.3 million

· Cost of revenue (depreciation): $38.1 million

· Administrative expenses: $9.9 million (including related party fees of $1.1 million)

· Impairment loss of mining machines: $81.4 million

· Fair value loss on Bitcoin collateral receivables: $171.4 million

Profitability

Operating loss for the fourth quarter was $276.6 million, significantly widened from a loss of $7 million in the same period of 2024, primarily due to the decline in Bitcoin prices.

Net loss from continuing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

Adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Financial Performance of Continuing Operations

Revenue

Total revenue for the year was $688.1 million. Among this, revenue from Bitcoin mining operations was $675.5 million, with an annual output of 6,594.6 Bitcoins. Revenue from international automobile trading was $9.8 million.

Operating Costs and Expenses

Total operating costs and expenses for the year were $1.1 billion.

Specifically including:

· Cost of revenue (excluding depreciation): $543.3 million

· Cost of revenue (depreciation): $116.6 million

· Administrative expenses: $28.9 million (including related party fees of $1.1 million)

· Impairment loss of mining machines: $338.3 million

· Fair value loss on Bitcoin collateral receivables: $96.5 million

Profitability

Operating loss for the year was $437.1 million. Net loss from continuing operations was $452.8 million, compared to a net profit of $4.8 million in 2024.

Non-GAAP adjusted net profit for 2025 was $24.5 million (compared to $5.7 million in 2024). This figure excludes stock-based compensation expenses, see "Use of Non-GAAP Financial Measures" for details.

Balance Sheet Situation

As of December 31, 2025, the company’s major assets and liabilities are as follows:

· Cash and cash equivalents: $41.2 million

· Bitcoin collateral receivables (non-current, related party): $663 million

· Net value of mining machines: $248.7 million

· Long-term debt (related party): $557.6 million

The company sold 4,451 Bitcoins in February 2026 and repaid part of the related party's long-term debt to reduce financial leverage and optimize its balance sheet structure.

Share Buyback

According to the share buyback plan disclosed on March 13, 2025, as of December 31, 2025, the company had cumulatively repurchased 890,155 Class A common shares, totaling approximately $1.2 million.

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