Bitcoin mining company Cango Inc. announced a net loss of $285 million for the fourth quarter of 2025. The company noted that their impairment charges, fair value losses, and increasing mining costs were factors that significantly overweighed their revenues from the expansion of their Bitcoin mining business. The companys stock has seen a drastic drop of over 84% in the last six months, price level at $0.68 on March 17, 2026.
Revenue Growth Amidst Rising Costs
Cango’s revenue for Q4 was $179.5 million, with Bitcoin mining contributing $172.4 million. On the other hand, total operating costs and expenses soared up to $456.0 million.
These higher costs were primarily because of an $81.4 million charge for impaired mining machines, and a $171.4 million loss resulting from changes in the fair value of Bitcoin-collateralized receivables. The company has also reported that its all-in mining expenses rose to $106,251 per BTC for the quarter.
Also Read: Bitcoin Miner Cango Sells $305M in BTC to Support AI Expansion
Strategic Shift
The results of Cango are a testament to the struggle they have been having to expand their Bitcoin mining business. The company had a strategic shift and liquidated its outstanding China auto financing operations for $352 million, also transferring 32 exahashes per second (EH/s) of mining capacity to focus on Bitcoin mining.
Along with that, Cango also secured $75.5 million from equity financing to help with the companys transition to artificial intelligence infrastructure.
Also Read: Bitcoin (BTC) Climbs Above $74K as ETF Inflows Signal Strong Demand
Full-Year Performance
During the whole year, Cango has disclosed total revenue of $688.1 million, out of which $675.5 million was derived from Bitcoin mining. In fact, the company mined 6,594.6 coins in 2025, which is an average of 18.07 coins per day. But, Cango incurred a net loss of $452.8 million for the year, mainly due to impairment losses, fair-value adjustments, and increased production costs.
In summary, Cango’s Q4 loss is an indication of the difficulties Bitcoin miners face as costs continue to increase and market volatility remains. While the company’s strategic move in the direction of AI infrastructure might be a way to ease these pressures, for now, investors will await signs of improved profitability.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bitcoin Funding Rates Turn Negative as BTC Holds Key Support
