{"id":830443,"date":"2025-03-27T07:09:50","date_gmt":"2025-03-27T11:09:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-presents-key-highlights-of-its-filed-annual-report\/"},"modified":"2025-03-27T07:09:50","modified_gmt":"2025-03-27T11:09:50","slug":"cango-inc-presents-key-highlights-of-its-filed-annual-report","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-presents-key-highlights-of-its-filed-annual-report\/","title":{"rendered":"Cango Inc. Presents Key Highlights of Its Filed Annual Report"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n SHANGHAI<\/span>
\n <\/span>, March 27, 2025<\/span><\/span> \/PRNewswire\/ — Cango Inc. (NYSE: CANG), a rapidly expanding leader in Bitcoin<\/span> mining, today announced key highlights from its filed annual report, marked by a successful pivot towards cryptocurrency<\/span> mining and significant operational milestones, including securing its position as the third-largest publicly traded miner globally and a 400% year-over-year revenue increase.\u00a0<\/p>\n

\n Fourth Quarter & Full Year 2024 Financial Performance<\/b>\n <\/p>\n

The Company achieved total revenues of RMB668.0 million<\/span> (US$91.5 million<\/span>) in Q4 2024, reflecting a 400% year-over-year increase. This growth was primarily driven by the launch of its Bitcoin<\/span> mining business, which generated RMB653.0 million<\/span> (US$89.5 million<\/span>) in revenues. Net income for the quarter was RMB55.9 million<\/span> (US$7.7 million<\/span>), a notable turnaround from a net loss of RMB103.8 million<\/span> in Q4 2023. Cango maintained strong liquidity with cash, cash equivalents, and short-term investments totaling RMB2.5 billion<\/span> (US$345.3 million<\/span>) as of December 31<\/span>, 2024.\u00a0<\/p>\n

For the full year, Cango reported total revenues of RMB804.5 million<\/span> (US$110.2 million<\/span>), with net income reaching RMB299.8 million<\/span> (US$41.1 million<\/span>), a significant turnaround from a net loss of RMB37.9 million<\/span> in 2023. The results reflect the successful integration of Bitcoin<\/span> mining operations alongside ongoing optimization of its legacy automotive services.\u00a0<\/p>\n

\n
\n Bitcoin<\/span> Mining Operational Highlights <\/b>\n <\/p>\n

Cango deployed 32 exahashes per second (EH\/s) of Bitcoin<\/span> mining capacity in Q4 2024, securing its position as the third-largest publicly traded miner globally. During the quarter, the Company mined 933.8 Bitcoin<\/span>, achieving an industry-leading efficiency of 17.81 BTC per EH\/s. Operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J\/TH) and a cash cost of US$67,769.9<\/span> per Bitcoin<\/span> (excluding depreciation). As of December 31, 2024<\/span>, Cango held a total of 933.8 Bitcoin<\/span>, aligning with its long-term accumulation strategy.\u00a0<\/p>\n

Cango’s mining operations span five countries, including the United States<\/span> (38% of total hashrate), East Africa<\/span> (37%), Oman<\/span>, Paraguay<\/span>, and Canada<\/span>. Approximately 90% of its fleet comprises water-cooled Bitmain S19XP Hyd. machines, ensuring competitive energy efficiency and operational stability.\u00a0<\/p>\n

Looking ahead, the Company plans to expand its hashrate to 50 EH\/s by the end of July 2025<\/span> through the completion of its second-phase asset acquisition. Cango aims to further reduce energy costs by leveraging favorable regulatory developments in traditional energy markets and exploring partnerships for sustainable power solutions. Additionally, Cango is committed to enhancing its presence in the digital asset ecosystem while maintaining a disciplined approach to managing its Bitcoin<\/span> holdings.\u00a0<\/p>\n

\n Media Contact <\/b>\n <\/p>\n

\n Juliet Ye<\/span>
\n
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com<\/a>\u00a0<\/p>\n

\n \"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/cango-inc-presents-key-highlights-of-its-filed-annual-report-302413093.html<\/a><\/p>\n

SOURCE Cango Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire SHANGHAI , March 27, 2025 \/PRNewswire\/ — Cango Inc. (NYSE: CANG), a rapidly expanding leader in Bitcoin mining, today announced key highlights from its filed annual report, marked by a successful pivot towards cryptocurrency mining and significant operational milestones, including securing its position as the third-largest publicly traded miner globally and a 400% year-over-year revenue increase.\u00a0 Fourth Quarter & Full Year 2024 Financial Performance The Company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, reflecting a 400% year-over-year increase. This growth was primarily driven by the launch of its Bitcoin mining business, which generated RMB653.0 million (US$89.5 million) in revenues. Net income for the quarter was RMB55.9 million (US$7.7 million), a notable turnaround from a … <\/p>\n

Continue reading “Cango Inc. Presents Key Highlights of Its Filed Annual Report”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-830443","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCango Inc. Presents Key Highlights of Its Filed Annual Report - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-presents-key-highlights-of-its-filed-annual-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cango Inc. 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