Bitcoin mining firm Cango Inc. reported a net loss of $285 million for the fourth quarter of 2025, despite generating $179.5 million in revenue. The company’s operating costs surged to $456 million, driven by impairment charges and fair value losses on Bitcoin assets. Cango is now pivoting to focus on artificial intelligence infrastructure, having sold its auto financing operations and raised $75.5 million in equity.
Bitcoin mining company Cango Inc. announced a net loss of $285 million for the fourth quarter of 2025. The company’s stock has fallen over 84% in the last six months, trading at $0.68 on March 17, 2026.
Cango’s Q4 revenue was $179.5 million, with Bitcoin mining contributing $172.4 million. Total operating costs and expenses, however, soared to $456.0 million.
These costs included an $81.4 million charge for impaired mining machines and a $171.4 million loss from changes in the fair value of Bitcoin-collateralized receivables. The company’s all-in mining expenses rose to $106,251 per BTC for the quarter.
The results highlight the challenges of expanding a Bitcoin mining business. Cango has sold its China auto financing operations for $352 million to focus on mining.
The company also secured $75.5 million from equity financing to support a transition into artificial intelligence infrastructure. This strategic shift follows the transfer of 32 exahashes per second of mining capacity.
For the full year 2025, Cango reported total revenue of $688.1 million, with $675.5 million from Bitcoin mining. The company mined 6,594.6 coins last year, averaging 18.07 coins per day.
Cango incurred a net loss of $452.8 million for the year, primarily due to impairment losses and increased production costs. The company has sold Bitcoin to repay debt and fund its new AI-focused direction.
