Cango states that most of its $261.1 million first-quarter net loss came from non-cash Bitcoin-related charges, while the company sharply reduced debt, cut mining costs, and advanced its AI compute push.
Cango reported unaudited Q1 2026 revenue of $102.0 million, including $98.4 million from Bitcoin mining, and a net loss of $261.1 million. The company said $151.8 million of the loss came from fair-value changes in Bitcoin collateral receivables and another $49 million from mining machine impairment, both non-cash charges tied to lower Bitcoin prices. Cango mined 1,266 BTC during the quarter with 37.01 EH/s of operational hashrate, while cost of revenue fell to $99.6 million from $155.3 million in the prior quarter after reducing hashrate and phasing out older S19 machines. The company also cut long-term debt by 94.5%, from $557.6 million to $30.6 million, by selling about 4,451 BTC to repay related-party debt, ending the quarter with 1,026 BTC and $7.2 million in cash. Cango said its April 2026 update showed average cash cost per Bitcoin fell to $68,061 from $76,928 in Q1, reserves rose to 1,057 BTC, and EcoHash pilot deployments were underway following a $65 million strategic investment and a $10 million convertible note.