Cango 2025 Q3 Earnings Net Income Soars 291.8%

Cango (CANG) reported mixed results in Q3 2025, with flat revenue but significant earnings growth. The company’s strategic pivot to Bitcoin mining and AI infrastructure underpinned robust net income expansion. While management provided no explicit revenue guidance, it emphasized asset-light expansion and operational flexibility.

Revenue

Cango’s total revenue reached $224.14 million in Q3 2025, unchanged year-over-year. Bitcoin mining operations were the primary driver, contributing $220.86 million, a 60.6% sequential increase. International automobile trading added $3.28 million, while other revenue streams totaled $491,646. The segment performance highlights the company’s reliance on cryptocurrency mining as its core revenue engine.

Earnings/Net Income

Cango’s earnings surged, with EPS rising 120% to $0.11 and net income jumping 291.8% to $37.32 million. The profitability gains were fueled by Bitcoin mining efficiency and cost discipline. The EPS and net income growth indicates strong profitability, driven by Bitcoin mining efficiency.

Post-Earnings Price Action Review

The strategy of buying Cango shares 30 days after the earnings release date, when revenue equals the previous quarter’s, has shown poor performance over the past three years. With a CAGR of 3.33%, total return of 9.31%, and excess return of -65.40%, the approach underperformed benchmarks. The Sharpe ratio of 0.04, coupled with 82.05% volatility, underscores the strategy’s risk profile.

CEO Commentary

CEO Peng Yu highlighted Cango’s 60.6% sequential revenue growth, attributing it to Bitcoin mining output of 1,930.8 coins and operational efficiency improvements. The CEO emphasized a strategic focus on hashrate optimization and green energy projects in Oman and Indonesia, positioning the company for a global AI compute network.

Guidance

Management outlined phased AI compute pilots and clean energy project completions within 1–2 years. CFO Yongyi Zhang noted maintaining long-term debt at 7–8% annualized costs and retaining Bitcoin reserves for liquidity. While no explicit revenue or EPS targets were provided, the CEO reiterated asset-light expansion and operational flexibility.

Additional News

Cango recently transitioned its reporting currency from RMB to USD, streamlining financial transparency. The company also announced clean energy projects in Oman and Indonesia, expected to support AI infrastructure within 1–2 years. Additionally, Cango’s decision to retain mined Bitcoin as a strategic reserve, rather than immediate sales, reflects a long-term bullish outlook on the asset.

Image suggestion:

A visual representation of Cango’s Bitcoin mining operations and AI compute network roadmap, highlighting green energy integration and global expansion.