Cango Inc. (CANG) Q1 2026 Earnings Call Transcript

Operator

Hello, and welcome to the Cango Inc. First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Paul Yu, Chief Executive Officer. Please go ahead.

Peng Yu
CEO & Director

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.