From 2025Q4 and Full-Year Financial Results, See Cango Inc('s Strategic Shift to AI

CANG.US today announced its full-year 2025 results, recording total revenue of $688 million, with a cumulative Bitcoin production of 6,594.6 coins, averaging 18.07 coins per day, successfully establishing a global distributed mining network. In its first year of transformation, the company achieved a positive full-year adjusted EBITDA of $24.5 million, demonstrating strong cash-generating capability in its core business. The company also completed a direct listing on the New York Stock Exchange and, after divesting its Chinese assets within the year, adopted USD reporting, marking its strategic evolution toward a global AI infrastructure company.

Operational Data Demonstrates Solid Foundation

CANG.US has secured a prominent position in the industry. Its total hash rate reached 50 EH/s, accounting for approximately 4-5% of the global Bitcoin network. In Q4 2025, the company’s average operational hash rate was 44.6 EH/s, producing 1,718.3 Bitcoin in that quarter, generating $172 million in revenue.

Hash rate efficiency is a key indicator of operational capability. For 2025, the company’s average effective hash rate efficiency was 90.3%, with 89.2% in Q4. This high level indicates that, despite the transitional phase, the operation and maintenance of mining equipment remain highly professional.

Notably, the cost per unit of mining has fluctuated. As competition for network hash rate intensified, the company’s cash mining cost temporarily peaked at $79,000 in 2025. This also explains the recent strategic adjustments—facing further downward pressure on Bitcoin prices in early 2026, proactively optimizing asset structure and reducing high-cost capacity are rational responses to industry cycles.

Main Causes of Losses

The net loss attributable to shareholders was $622 million, seemingly contrasting with operational results. However, a closer look reveals that the loss mainly stems from one-time accounting adjustments during the business transformation, rather than ongoing deterioration of core operations.

First, non-recurring items related to the transformation. In May 2025, the company sold its Chinese assets, resulting in a one-time accounting loss of approximately $169 million. Additionally, when acquiring 18 EH/s of mining assets via equity as consideration, due to a rise in stock price on the settlement date compared to the signing date, a revaluation of the equity consideration was required under accounting standards, resulting in a non-cash loss of $257 million. These two items totaled about $426 million, constituting most of the total loss, and are both non-recurring or non-cash.

Second, market fluctuations impacted accounting figures. At the end of Q4 2024, Bitcoin prices experienced a significant correction, leading to a fair value loss of $96.5 million on Bitcoin holdings. Simultaneously, the decline in coin prices caused a decrease in the fair value of mining equipment, with an impairment provision of $81 million at year-end. These combined losses of approximately $180 million reflect the short-term impact of industry-wide systemic risks on the company’s financial statements.

Recent Strategic Adjustments

Since February 2026, the company has implemented several measures:

1. Asset and liability optimization. CANG.US strategically sold about 4,451 Bitcoin holdings to repay loans and reduce debt levels, while continuing monthly Bitcoin sales to cover daily operating expenses. From the author’s perspective, this is not a bearish outlook on Bitcoin’s future but a financial restructuring move to reduce interest-bearing debt and mitigate future volatility risks.

2. Capital infusion. The company completed a $10.5 million equity financing from shareholders and signed new agreements for an additional $65 million with Armada Network Limited and Fortune Peak Limited. These steps aim to strengthen the capital base during industry downturns and prepare for future growth.

3. Operationally, the company is orderly retiring some high-energy-consuming older mining machines and shifting hash rate to regions with lower electricity costs. While this short-term reduction in hash rate may impact scale, the goal is to improve overall efficiency, lower per-coin costs, and enhance resilience against market fluctuations.

AI Transformation: From Bitcoin Mining to Computing Power Services

If the above adjustments are about slimming down, then the AI business layout is the company’s new direction for the next phase.

The company has established a wholly owned subsidiary, EcoHash, in Texas, focusing on high-performance computing and AI inference. Unlike startups building AI infrastructure from scratch, EcoHash leverages existing resources—distributed computing infrastructure operations and the energy network accumulated through global Bitcoin mining.

In terms of progress, the company is transforming its self-owned mining farm in Georgia into standardized AI nodes, with containerized GPU computing products already in the delivery stage. This approach is similar to some Bitcoin mining firms’ transformation strategies, utilizing existing power resources and site advantages to enter the AI computing market.

Observation and Outlook

From the financial reports, the company remains in an investment phase of its transformation, with net losses mainly reflecting one-time adjustments and industry cycle effects. Recent actions—reducing debt, optimizing costs, raising capital, and developing AI—aim to strengthen CANG.US’s financial resilience during industry cycles and reserve new growth drivers for the future.

For investors interested in the company’s future, key indicators to watch include: changes in per-coin mining costs after cost optimization, the pace of AI business development from proof of concept to deployment, and whether the asset and liability restructuring allows more flexibility to respond to market changes.