Cango Posts $81.6M Q2 Loss, Pivots to AI Compute Amid Mining Slump
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Dallas – September 04, 2026 -- Cango Inc. (NYSE: CANG) reported a net loss of US$81.6 million for the second quarter of 2026, driven primarily by non-cash impairment and disposal charges on its Bitcoin mining fleet, as the company accelerates a pivot toward AI compute infrastructure.
Revenue halves as company right-sizes mining fleet
Total revenue fell approximately 50% sequentially to US$50.8 million, with US$47.4 million derived from Bitcoin mining and US$3.4 million from other sources. The decline stemmed from Cango's decision to phase out older S19-series mining machines and shift some capacity to a hosted leasing model, a move management said improved operating costs and cash flow despite the top-line hit.