Cango Inc. Boosts Bitcoin Mining Position with Significant Revenue Growth and Strategic Expansion

Cango Inc. Strengthens Position in Bitcoin Mining and Digital Assets

Cango Inc., a leading player in the Bitcoin mining industry, has recently filed its annual report on Form 20-F for the fiscal year ending December 31, 2024, with the Securities and Exchange Commission (SEC). This report, which is accessible on Cango's investor relations website and the SEC's platform, highlights the company's remarkable financial turnaround and operational achievements. Cango's commitment to transparency is evident as it offers hard copies of the report, including audited consolidated financial statements, free of charge to shareholders and American Depositary Shareholders upon request. This move not only underscores the company's accountability but also enhances investor confidence amid a rapidly evolving cryptocurrency landscape.

In its latest report, Cango reveals that it has emerged as the third-largest publicly traded Bitcoin miner globally, with an impressive 400% year-over-year revenue increase, totaling RMB668.0 million (approximately US$91.5 million) in the fourth quarter of 2024. The company's Bitcoin mining operations significantly contribute to this growth, generating RMB653.0 million (about US$89.5 million) in revenues during the same period. Cango's operational efficiency is noteworthy, achieving a capacity of 32 exahashes per second (EH/s) and mining 933.8 Bitcoin with a remarkable efficiency rate of 17.81 BTC per EH/s. This substantial performance reversal is further illustrated by a net income of RMB55.9 million (around US$7.7 million) in Q4 2024, compared to a loss of RMB103.8 million in Q4 2023.

Cango's strategic diversification into the crypto assets market, initiated in November 2024, aligns with the growing global acceptance of cryptocurrencies. The company’s expansion into North America, the Middle East, South America, and East Africa positions it favorably within the industry. With plans to increase its hashrate to 50 EH/s by July 2025 and an emphasis on reducing energy costs, Cango is poised for continued growth in the digital asset sector. The company’s robust cash reserves of RMB2.5 billion (approximately US$345.3 million) as of December 31, 2024, further bolster its capacity to implement strategic initiatives and enhance its market presence.

In addition to its Bitcoin mining operations, Cango has maintained a significant automotive transaction service in China since 2010, demonstrating its versatility in diversifying business operations. This dual focus on cryptocurrency and automotive services not only broadens Cango's revenue streams but also reflects its adaptability in an increasingly competitive market. Interested parties can access more information through Cango’s official website or contact their investor relations team for further inquiries.