Cango Inc. Releases Letter to Shareholders

The financial impact was swift. In Q2 2025, Cango reported US$139.8 million in revenue, US$99.1 million in adjusted EBITDA , and US$117.8 million in cash equivalents, driven by an asset-light model focused on operational efficiency. Cango established a new, highly competitive core business, and a scaled global footprint across the U.S., Oman, Ethiopia, and Paraguay. The financial impact was swift. In Q2 2025, Cango reportedUS$139.8 millionin revenue,US$99.1 millionin adjusted EBITDA,...

The financial impact was swift. In Q2 2025, Cango reported US$139.8 million in revenue, US$99.1 million in adjusted EBITDA , and US$117.8 million in cash equivalents, driven by an asset-light model focused on operational efficiency. Cango established a new, highly competitive core business, and a scaled global footprint across the U.S., Oman, Ethiopia, and Paraguay.

This year's momentum continued with key milestones. In August 2025, Cango acquired a 50 MW facility in Georgia for US$19.5 million, strengthening operational control and securing better power terms. Hashrate efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL strategy. To enhance capital structure, Cango will transition to a direct NYSE listing on November 17, 2025.

Looking ahead, Paul shared that Cango's Bitcoin mining foundation will fuel a dual-track expansion into energy and HPC. The company plans disciplined, phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH/s of capacity.

"We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. " Paul said. "With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners." 

 View original content: https://ir-image.cangoonline.com/ir-documents/Cango%20Shareholder%20Letter%20202511.pdf

Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
Email: [email protected] 

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