Cango Reports Q2 Revenue of $50.8 Million, Commercialization of AI Infrastructure Business

Cango reported a revenue of $50.8 million for the second quarter of 2026, with the BTC mining business contributing $47.4 million and other business revenues amounting to $3.4 million. As of June 30, the company held 1,056 BTC, with cash and cash equivalents of $10.1 million and long-term debt of $31.2 million. Cango continues to phase out the less efficient S19 series mining machines and is partially shifting to a hash power leasing model. As of June 30, the company had self-operated hash power of 19.84 EH/s and leased hash power of 7.74 EH/s, totaling an operational hash power of 27.58 EH/s; in the second quarter, it mined a total of 656 BTC, with an average cash mining cost of $73,313 per BTC, a decrease of about 5% compared to the first quarter. The company has begun implementing a BTC hedging strategy to mitigate the impact of price fluctuations on operational cash flow. In terms of AI infrastructure, Cango's LN mining facility in Georgia, USA, completed its renovation in early July, supporting a maximum capacity of 3 megawatts, with containerized equipment installed and GPU hardware arriving in batches. The company has signed its first AI customer contract, entering the commercialization phase, with related revenues expected to be recognized starting in the third quarter. Cango also plans to develop two models for bare metal GPU hosting and cabinet hosting, although it has not yet signed a formal cabinet hosting contract, and is deploying test nodes in Texas and along the U.S. West Coast.

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