Cango Inc., a Bitcoin mining company, reported a net loss of $285 million in Q4 2025, due to rising costs and asset revaluation adjustments outweighing revenue. The report shows revenue of $179.5 million, with $172.4 million from Bitcoin mining operations, but total operating expenses reached $456 million.
The loss mainly stems from an $81.4 million impairment of mining equipment and a $171.4 million loss due to fluctuations in the value of Bitcoin-backed assets. Production costs also surged, with total costs reaching $106,251 per BTC.
For the full year 2025, Cango posted a net loss of $452.8 million despite revenue of $688.1 million and mining over 6,594 BTC. The company is shifting focus to AI infrastructure after selling its automotive finance division and restructuring its mining operations.
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