Cango Q2: $50.8M Revenue, $81.6M Net Loss, 656 BTC Mined
CANG sits 61% above its 52-week low of $1.36 on elevated volume (3.5× avg).
Summary
Cango reported Q2 revenue of $50.8 million and a net loss of $81.6 million, driven by non-cash impairment and disposal losses on mining machines. Bitcoin mining revenue was $47.4 million, with 656 BTC mined at an average cash cost of $73,313 per Bitcoin, down 5% QoQ. The company held 1,056 Bitcoin and $31.2 million in long-term debt. Operating hashrate reached 27.58 EH/s, split between 19.84 EH/s self-operated and 7.74 EH/s leased. Management highlighted completed upgrades at the Georgia site and plans to launch GPU hosting services with revenue expected in Q3. The net loss is largely non-cash, but the scale of the loss relative to revenue is significant.
At the time of this announcement, CANG was trading at $2.19 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $98M. The 52-week trading range was $1.36 to $27.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Binance News.