Canggu (CANG.US) saw a significant rise of nearly 10% before the market opened, with a remarkable 413% YoY increase in revenue recorded in 2024Q4.

Market IntelFriday, Mar 7, 2025 9:30 am ET

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On Friday, Canggu (CANG.US) rose nearly 10% before the US market, to US$3.65. Canggu (CANG.US) released its financial results for the fourth quarter and full year of 2024. According to the report, Canggu's total revenue in Q4 was RMB668 million, up 413% year-on-year to RMB130.2 million, mainly due to the company's Bitcoin mining business launched in November 2024, which generated RMB653 million in revenue in Q4; its net profit was RMB55.9 million, up from a net loss of RMB103.8 million in the same period last year.

In Q4, Canggu mined 933.8 bitcoins, with an average mining cost (excluding depreciation of mining machines) of US$67,769.9 per bitcoin. In terms of full-year performance, the Company's revenue was RMB804.5 million, down from RMB1.7 billion in the same period last year. Its net profit was RMB299.8 million, up from a net loss of RMB37.9 million.

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