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Cango Inc. Reports Q1 Earnings: $102 Million in Revenue, Strong Core Mining Cash Flow, Launch of EcoHash AI Computing Platform

On June 1, U.S.-listed mining company Cango Inc. (NYSE: CANG) released its Q1 2026 financial report. In the first quarter of 2026, Cango achieved total revenue of $102 million, with its Bitcoin mining operations contributing $98.4 million, having mined a total of 1,266 Bitcoins during the quarter. The company is actively de-leveraging, significantly reducing long-term debt from $557.6 million at the end of 2025 to $30.6 million, a decrease of 94.5%, leading to a notable optimization of its balance sheet. By the end of the quarter, it held 1,026 Bitcoins and received a $65 million capital injection from the chairman, further enhancing liquidity. Despite the impact of falling Bitcoin prices, the company recorded a net loss of $261.1 million, primarily due to non-cash impairments (a fair value change of $151.8 million on collateral receivables and a $69.3 million impairment on mining equipment), while core mining cash flow remained robust. The operational hash rate reached 37.01 EH/s (with self-mining at 27.98 EH/s), as the company continued to phase out inefficient S19 models and upgrade to S21 high-efficiency equipment, while also transitioning some sites to a revenue-sharing hosting model, significantly reducing electricity costs and operational risks. The highlight of the quarter was the official launch of the EcoHash AI computing platform, with a pilot of modular container computing units, marking a substantial step in the company's strategic shift from Bitcoin mining to an AI computing network. In the future, it aims to solidify the foundation of mining cash flow and gradually build a global AI computing ecosystem, leveraging its strategic partnership with DL Group.

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