CANG

DALLAS, June 24, 2026 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced the results of its extraordinary general meeting of shareholders ("EGM") held on June 24, 2026. At the EGM, the Company's shareholders approved the following resolutions: An ordinary resolution that the authorized share capital of the Company, comprising both issued and unissued Class A ordinary shares of a par value of US$0.0001 each (the "Class A Ordinary Shares") and Class B ordinary shares of a par value of US$0.0001 each (the "Class B Ordinary Shares", and together with the Class A Ordinary Shares, the "Shares"), be consolidated (the "Share Consolidation") at a share consolidation ratio within a range of no consolidation to a maximum consolidation ratio of 10:1 and at such effective time as the board of directors of the Company (the "Board of Directors") may determine and execute in its sole discretion, within 15 days of the EGM, with such consolidated Shares having the same rights and being subject to the same restrictions (save as to par value) as the existing Shares of such class as set out in the Fifth Amended and Restated Memorandum and Articles of Association (as defined below). No fractional Shares shall be issued in connection with the Share Consolidation; in the event that a shareholder would otherwise be entitled to receive a fractional Share upon the Share Consolidation, the total number of Shares to be received by such shareholder shall be rounded down to the next whole Share and any fraction of a Share resulting from the Share Consolidation shall be cancelled and returned to the pool of authorized but unissued Shares in the capital of the Company without the payment of any consideration to the holder thereof. A special resolution that, subject to and immediately following the Share Consolidation being effected, the fifth amended and restated memorandum and articles of association of the Company (the "Fifth Amended and Restated Memorandum and Articles of Association"), substantially in the form attached as Annex A to the Proxy Statement furnished to the Securities and Exchange Commission (the "SEC") in a current report on Form 6-K on May 22, 2026, be adopted in substitution for and to the exclusion of the current amended and restated memorandum and articles of association of the Company in all respects, to reflect the Share Consolidation...

Image source: The Motley Fool. Sunday, May 31, 2026 at 9 p.m. ET Chief Executive Officer — Peng Yu Chief Financial Officer — Ming Yeung Tang Operator Peng Yu: Good morning, everyone, and thank you for joining Cango's First Quarter 2026 Earnings Call. First, I will summarize our key financials and operational performance for the quarter. The first quarter of 2026 was characterized by industry-wide adjustments and our results reflect these macro headwinds alongside our ongoing efforts to manage our strategic transition. During Q1, we generated total revenue of approximately $102 million, primarily driven by revenue from our Bitcoin mining business. We reported a net loss from continuing operations of $261.1 million primarily due to noncash impairment charges on Bitcoin mining machines and loss from changes in fair value of receivable for Bitcoin collateral, both resulting from the decline in Bitcoin market price. By the end of the quarter, we held 1,025.7 Bitcoin, and we reduced our long-term debt to $30.6 million. As of March 31, 2026, Cango's total operational hash rate was 37.01 exahash per second, comprising 27.98 exahash per second of self-mining capacity and 9.02 exahash per second of hosted hash rate. This operational model prioritizes margin resilience over scale. In Q1, we mined 1,266 Bitcoin. Through disciplined cost management, our average cash cost per Bitcoin mined was $76,928 showing a 9% decrease from Q4 2025. These figures reflect our continued focus on profitability and operational efficiency as our business model evolves. Following this brief quarterly review, I'd like to provide an update on our operational activities during April and May, which offer additional context regarding our strategic direction. Regarding our mining business, our immediate priority is to streamline operations and carefully manage our resources at location. In April, we maintained our focus on cost optimization measures and operational efficiency. Our self-mining operations produced 230.04 Bitcoin in for the month when the average cash cost per core further decreased. This result stems primarily from our ongoing fleet upgrade beginning in March, we have been selling less efficient older generation S19 miners and selectively replacing them with more energy-efficient S21 series machines. As of the end of May, within our self-mining hash rate composition, the contributi...

This article first appeared on GuruFocus. Release Date: June 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Cango Inc (NYSE:CANG) generated total revenue of approximately $102 million in Q1 2026, primarily driven by its Bitcoin mining business. The company reduced its long-term debt to $30.6 million by the end of the quarter. Cango Inc (NYSE:CANG) achieved a 9% decrease in the average cash cost per Bitcoin mined compared to Q4 2025. The company is focusing on cost optimization and operational efficiency, including upgrading to more energy-efficient mining machines. Cango Inc (NYSE:CANG) has established strategic collaborations, including a $10 million convertible note with CL Group, to support AI infrastructure opportunities. Cango Inc (NYSE:CANG) reported a net loss from continuing operations of $261.1 million, primarily due to non-cash impairment charges. The company experienced a 43% decline in total revenue compared to Q4 2025, reflecting a reduction in operational hash rates. There was an impairment loss for mining machines of $49 million and a loss on disposal of mining machines of $20.3 million in Q1. The company faced a non-cash loss of $151.8 million from changes in the fair value of receivables for Bitcoin collateral. Cango Inc (NYSE:CANG) had cash and cash equivalents of only $7.2 million as of March 31, 2026, down from $41.2 million at year-end. Warning! GuruFocus has detected 5 Warning Signs with CANG. Is CANG fairly valued? Test your thesis with our free DCF calculator. Q: The company's cash cost per coin declined in the first quarter compared with the first quarter of last year. What were the main drivers behind the cost reduction? Is there still room for further cost improvement going forward? A: The cost reduction was mainly driven by phasing out higher energy consumption S19 series mining machines and replacing them with more energy-efficient S21 series models. Additionally, migrating to regions with lower power costs and adopting a revenue-sharing model at certain sites reduced power costs. Further cost improvements are expected through ongoing fleet upgrades and optimizing hosting arrangements. (Paul Yu, CEO) Q: Will the company continue to sell Bitcoin going forward? Has the company's long-term holding strategy changed? A: The BTC treasury strategy has shifted to a more dynam...

Interested in Cango Inc. Sponsored ADR? Here are five stocks we like better. Cango posted first-quarter 2026 revenue of about $102 million, with Bitcoin mining contributing $98.4 million. The company also reported a steep net loss from continuing operations of $261.1 million, largely due to non-cash impairment and fair value losses tied to Bitcoin price declines. Management is prioritizing margin and cash flow over hash rate growth as it reduces older, less efficient mining machines and shifts capacity to lower-cost or temporary revenue-sharing arrangements. Cango’s operational hash rate fell to 37.01 EH/s at quarter-end, and the company said it has no hard hash-rate target. Cango significantly deleveraged its balance sheet and is shifting its Bitcoin strategy, ending the quarter with 1,025.7 Bitcoin and cutting long-term debt to $30.6 million from $557.6 million at year-end. The company said it is moving from a “mine and hold” approach toward a more liquidity-focused treasury strategy while also advancing its EcoHash AI infrastructure pilot. Cango (NYSE:CANG) reported first-quarter 2026 revenue of approximately $102 million, driven primarily by its Bitcoin mining business, as management said the company is prioritizing cost discipline and cash flow resilience over hash rate scale during a period of industry adjustment. Chief Executive Officer Peng Yu said the quarter reflected “macro headwinds” and the company’s ongoing strategic transition. Cango reported a net loss from continuing operations of $261.1 million, which management attributed mainly to non-cash impairment charges on Bitcoin mining machines and losses from changes in the fair value of receivables for Bitcoin collateral tied to a decline in Bitcoin’s market price. → Costco’s Strong Quarter Still Leaves Investors With a Valuation Problem By the end of the quarter, Cango held 1,025.7 Bitcoin and reduced long-term debt to $30.6 million, down sharply from $557.6 million at year-end, according to Chief Financial Officer Simon Ming Yeung Tang. Cango generated $98.4 million in revenue from Bitcoin mining during the first quarter, mining 1,266.1 Bitcoin. Tang said total revenue declined about 43% from the fourth quarter of 2025, primarily because the company proactively reduced its operational hash rate as it began phasing out older and less efficient S19 series mining machines and temporarily shifted s...

This article first appeared on GuruFocus. Revenue: $20.7 million in Q1 2026, up 52% year-over-year. Technology Financing Fees: $15 million, up 49% year-over-year. Technology Platform Fees: $5.7 million, up 62% year-over-year. Net Fee Margin: Increased by 21 basis points year-over-year. Total Operating Expense: $25 million in Q1, up 102% year-over-year. GAAP Operating Income: $6.6 million, with an operating margin of 32%. Non-GAAP Operating Income: $11.2 million, with a non-GAAP operating margin of 54%. Net Income: $2.7 million in Q1 2026, compared to $1.5 million in Q1 2025. Adjusted EBITDA: $13.3 million, with an adjusted EBITDA margin of 64%. Total Value of Loans: $1.7 billion as of March 2026, down 3% year-over-year. Hash Rate Loans: Financed approximately 34.2 exahash of hash rate capacity as of March 31, 2026. Loan Repayment: Cango Inc. repaid approximately $530 million of its outstanding loan balance. Operating Expense Excluding Unrealized Gains: $20.4 million. Funding Costs: $10.4 million, 79% of technology financing fee on supply chain loans. Unrealized Fair Value Gains: $12.9 million on XAuT holdings. Standalone Revenue for Antalpha Prime: $20.7 million, up 52% year-over-year. Standalone Adjusted EBITDA for Antalpha Prime: $4.4 million, a 77% improvement from Q1 last year. Aurelion's NAV: $116.4 million as of March 31, 2026. Q2 2026 Revenue Outlook: Expected between $11 million and $13 million. Warning! GuruFocus has detected 6 Warning Signs with ANTA. Is ANTA fairly valued? Test your thesis with our free DCF calculator. Release Date: May 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Antalpha Platform Holding Co (NASDAQ:ANTA) achieved a 52% year-over-year revenue growth in Q1 2026. The company maintained a record of zero principal loss, showcasing strong risk management practices. Antalpha successfully launched two strategic growth initiatives: the beta launch of their Web3 AI agent and the transition of tokenized gold holdings into yield-generating deployment. TVL per client increased by 36% year-over-year, indicating growth in average loan size and deepening client relationships. The company reported a non-GAAP operating income of $11.2 million, representing a non-GAAP operating margin of 54%. Antalpha's loan book saw a one-time reduction due to substantial repayments from large borro...

Image source: The Motley Fool. Thursday, August 29, 2024 at 9 p.m. ET Chief Executive Officer — Jiayuan Lin Chief Financial Officer — Yongyi Zhang Jiayuan Lin: Hello everyone and welcome to Cango's second quarter 2024 earnings call. In the second quarter of 2024, the automotive market remains sluggish, presenting significant challenges for the industry. According to the China Association of Automobile Manufacturers, vehicle production and sales in June reached 2.500 million and 2.552 million units, respectively, reflecting a year-on-year decline of 2.1% and 2.7%, respectively. Passenger vehicle sales in June fell by 2.3% year-on-year. Although sales of new energy vehicles continue to outpace the market, their growth has not been sufficient to alter the industry's overall downward trajectory. In response to these challenges, we continue to implement strict cost control and risk management strategies, reinforcing our financial stability through disciplined expense management and cost efficiency measures. Meanwhile, we maintain meticulous oversight for current assets and liabilities, closely monitoring our risk exposure. As of June 30, our total outstanding loan balance stood at approximately RMB6.2 billion with M1+ at 2.93% and M3+ at 1.57%. Our credit risk exposure has been decreased to a low level with only RMB2.7 billion of outstanding balance of loans where the company bears credit risks have not been provided with full bad debt allowance, or full risk assurance liabilities. As the new car market grows [ph], we are increasingly recognizing the used car markets immense potential opportunities. As such, we have further streamlined our business processes, enhanced service quality, and strengthened the customer experience. Over the past quarter, we focused on enhancing the competitiveness of Cango U-car by ensuring a consistent supply of high-quality vehicles, optimizing dealer experience, I mean, optimizing dealer service experiences and supply chain management, and improving the convenience and security of cross-regional deliveries, which drove steady business growth. By the end of the second quarter, our Cango U-car app has accumulated over 130,000 page views. During the quarter, we facilitated the transaction of 266 vehicles and successfully auctioned 124 vehicles across our platform. Meanwhile, we identified and on boarded new partners with a strong reput...

Image source: The Motley Fool. Thursday, September 4, 2025 at 9 p.m. ET Chief Executive Officer — Peng Yu Chief Financial Officer — Yongyi Zhang Peng Yu: Thank you. Good afternoon, and thank you for joining Cango's Second Quarter 2025 Earnings Call. Today marks an important milestone as we report our first quarter following Cango's strategic transformation. This isn't just another quarterly update. It showcases our complete transformation into a leading Bitcoin mining company. In just 9 months, we have scaled to 50 exahash of computing power placing us firmly among the world's top miners. As part of this transformation, we recently completed a governance and leadership restructuring onboarding a senior management team with deep expertise across digital asset infrastructure, finance and energy investments. This leadership team gives us the right mix of skills to hit the ground running and execute our next phase of growth. I'm optimistic about what we can achieve together as we enter a new chapter in the journey. Today, I will walk you through how our strategic execution has fundamentally repositioned us to lead the industry over the long term. Let me start with our financials, where we generated RMB 1 billion in total revenue in the second quarter of 2025, with Bitcoin mining contributing RMB 989.4 million of that amount. However, you can see we incurred a net loss, which reflects two accounting adjustments that temporarily mask our operational strength and should be built as the essential investment in our foundation for the future. First, our clean exit from China. We completed the $352 million divestiture of our legacy China asset in May, which resulted in one-off loss from discontinued operations. Second, as a part of the acquisition of mining equipment last November, we purchased 18 exahash of mining capacity, so a share-based payment. By the time the equipment was delivered in June, our stock price has nearly doubled, triggering a noncash hedge accounting adjustment in accordance with applicable fair value accounting standards. These were strategic decisions we took into consideration to rapidly build competitive scale and sharpen our focus. The important story is what lies beneath. Excluding these one-off adjustments, adjusted EBITDA for the quarter was RMB 710.1 million, clear evidence of the underlying strength of our Bitcoin mining business. Now let...

Image source: The Motley Fool. Monday, March 16, 2026 at 8 p.m. ET Chief Executive Officer — Peng Yu Chief Financial Officer — Yongyi Zhang Chief Investment Officer — Ming Yeung Tang Vice President, Strategy and Investor Relations — Juliet Ye Peng Yu: Thank you. Hello, everyone, and welcome to Cango's Fourth Quarter and Full Year 2025 Earnings Call. 2025 marks a landmark year in our company's history, our first year of transformation since pivoting to Bitcoin mining in November 2024. It was a year of accelerated execution, and we accomplished several critical objectives. First, asset restructuring and global deployment through a series of transactions, we relocated our assets from traditional auto finance business to our Bitcoin mining operations within 6 months. This helped us build a global distributed mining network. Second, leadership and management to align with our new strategy, we have strengthened our board and management team with seasoned industry professionals. They have both deep expertise and established networks in both digital assets and infrastructure which has sharpened our competitive edge in the sector. Third, listing structure optimization during the year, we transitioned from an ADR listing to a direct stock listing. This move lays a solid foundation for us to access a broader range of capital market tools, reach a broader base of investors and reduce holding costs for existing shareholders. Operationally, 2025 showed a clear execution discipline despite significant market volatility in the second half of the year. We maintained professional standards across core metrics, including hashrate scale, Bitcoin production and minor uptime. In the fourth quarter of 2025, we recorded total revenue of $179 million and produced 1,718.3 Bitcoin. For the full year, total revenue reached $688 million, with Bitcoin production totaling 6,595.6. As economy of scale took hold we achieved strong revenue growth and posted positive EBITDA for the full year. The net loss attributable to shareholders for 2025 was $622 million, mainly due to the following factors: First, some nonrecurring transformation costs. This includes a onetime book loss of around $169 million from discontinued operations then a further loss of $257 million came from impairment loss from mining equipment and the company acquired and settled in equity triggered by us by the significant ap...

Image source: The Motley Fool. Monday, December 1, 2025 at 8 p.m. ET Chief Executive Officer — Peng Yu Chief Financial Officer — Yongyi Zhang Peng Yu: Hello, everyone, and welcome to Cango's third quarter 2025 Earnings Call. This quarter marks the 1-year anniversary of our strategic transformation into a Bitcoin miner, an important milestone for the company. Today, I will reveal our third quarter results and share how Cango continues to create long-term value in a rapidly changing market environment. During third quarter, we remain focused on our core mining operations further strengthening Cango's position with the skilled and operationally disciplined Bitcoin manner. This is clearly reflected in our financial performance. In the third quarter total revenue reached USD 225 million, up 60.6% sequentially. Operating income was USD 43.5 million and net income was USD 37.3 million. Today, Cango operates a deployed hashrate of 50 exahash globally, positioning us among the leading miners worldwide. In the third quarter, we produced 1,930.8 Bitcoins, averaging 21 Bitcoins per day, up 37.5% and in total output and 36% in daily production compared with the second quarter 2025. Leveraging our asset-light model we've built a competitive global footprint across the Americas, the Middle East and Africa in just 1 year. In our mining operations, we continue to execute our strategy to reprioritize hashrate optimization over expansion by refreshing older, less energy-efficient models to the T21 and S21 series and disciplined operations with significantly improved average operating hashrate, from 40.91 exahash in July to 44.85 exahash in September and further to 46.09 exahash in October, with efficiency surpassing 90%. In August, we also acquired a 50-megawatt mining facility in the state of Georgia, lowering per unit operating costs and building dedicated energy infrastructure to support our long-term strategy. The current market environment remains volatile with significant fluctuations in Bitcoin prices. Cango is closely monitoring these dynamics, and we'll continue to manage our deployed output and explore partnership models to mitigate market risks and enhance operating stability. While consolidating our core business, we also clarified our long-term strategy, building a global distributed AI compute network powered by green energy, with Bitcoin combining as a practical...

Image source: The Motley Fool. Wednesday, May 14, 2025 at 9 p.m. ET Chief Executive Officer — Jiayuan Lin Chief Financial Officer — Yongyi Zhang Jiayuan Lin: Hi, everyone, and welcome to Cango's first quarter 2025 earnings call. In the first quarter of 2025, Bitcoin further solidified its dominance despite significant volatility in the cryptocurrency market. Amid global economic uncertainty, Bitcoin demonstrated strong resilience and stability as a safe haven asset. On the policy front, the Trump administration's supportive stance towards the crypto market has undoubtedly fostered a more favorable regulatory environment. The establishment of a strategic Bitcoin reserve and pro-digital currency appointments are expected to provide clearer direction and more stable expectations for the industry's future development. Cango entered the Bitcoin mining industry in November 2024. Over the past few months of exploration and operation, Cango has not only achieved business growth but also unlocked new development opportunities. In the first quarter of 2025, Cango reported total revenue of USD 145 million with USD 144 million contributed by our Bitcoin mining operations. Gross profit for the quarter reached USD 13.61 million. Operating loss stood at $21.42 million, primarily due to decline in Bitcoin prices towards the end of March, which led to a decrease in the fair value of the company's Bitcoin holdings. As of the end of the quarter, Cango maintained a strong cash position with total cash, cash equivalents and short-term investments amounting to USD 347 million, providing solid support for future business expansion. While actively expanding our Bitcoin business, we continue to reduce our total outstanding loan balance and significantly improve loan quality. As of March 31, 2025, our total outstanding loan balance was approximately RMB 2.6 billion with M1+ and M3+ ratios of 2.86% and 1.59%, respectively. In addition, our credit risk exposure not covered by full bad debt allowance or full risk assurance liabilities further declined to RMB 760 million, down 30% from RMB 1.08 billion as of December 31, 2024. Till now, we hold a total computing power of 32 exahashes per second, accounting for approximately 4% of the global average hash rate in Q1. Our mining machines are deployed across North America, South America, the Middle East and Africa, a globally diversified set...

Image source: The Motley Fool. Monday, November 4, 2024 at 8 p.m. ET Chief Executive Officer — Jiayuan Lin Financial Director — Ruiyan Jiayuan Lin: [Foreign Language]. Hello, everyone, and welcome to Cango's third quarter 2024 earnings call. [Foreign Language]. In the third quarter of 2024, Cango's overall business performance remained stable, highlighted by total revenue of RMB26.95 million, and operating profit of RMB35.24 million and a net profit of RMB67.88 million. These solid results were primarily driven by our implementation of stricter cost control and risk management strategies, which significantly improved operational efficiency. [Foreign Language]. For postal management, we reinforced monitory mechanisms and risk assessments effectively maintaining a low nonperforming loan ratio and ensuring asset quality and stability. As of September 30, our total outstanding loan balance was approximately RMB4.8 billion with M1+ at 3.17% and M3+ at 1.76%. We also reduced our credit risk exposure not fully covered by bad debt allowance for risk assurance liabilities to RMB1.7 billion, the company's total cash, cash equivalents and short-term investments amounted to approximately RMB3.8 billion, an increase of RMB89.27 million compared to the end of the previous quarter. [Foreign Language]. In terms of business development, we prioritize driving growth as the Cango U-Car app and our overseas used car operations. By the end of the third quarter, the Cango U-car app had accumulated a total of 280,000 page views, an increase of 21% from last quarter. We strengthened Cango's competitive advantages in vehicle inventory during the quarter by establishing strategic partnerships with numerous used car marketplaces enabling real-time updates of vehicle listings and ensuring a diverse and abundant supply of vehicles for Cango U-Car app. [Foreign Language]. Meanwhile, we introduced a rapid vehicle inspection and listing service in close collaboration with professional third-party inspection teams we conduct thorough background checks and comprehensive vehicle condition assessments for each vehicle and provide buyers with detailed vehicle history reports and inspection data, enhancing transparency in transactions. Additionally, our nationwide logistics network offers buyers a variety of delivery and transport options to better meet diverse customer needs. [Foreign Language]...