Cango Inc. shares fell more than 21% to trade near US$1.89 after the NYSE-listed Bitcoin miner reported a second-quarter 2026 net loss of US$81.6 million and revenue of US$50.8 million, roughly half the prior quarter and below Street estimates. Nearly all revenue, US$47.4 million, came from Bitcoin mining, while non-cash impairment and disposal charges on mining machines totaled US$51.4 million. Earnings per share registered at ¥-13.370 versus a ¥-6.820 consensus, and GAAP diluted EPS of about -US$1.99 compared with a -US$0.90 estimate; revenue of ¥341.24 million also trailed the ¥577.37 million forecast. Operating hashrate stood at 27.58 EH/s as of June 30, comprising 19.84 EH/s of self-owned capacity and 7.74 EH/s of leased capacity, after the company retired less-efficient S19 machines and moved part of its footprint to hosted leasing. Cango mined 656 Bitcoin at an average cash cost of US$73,313, about 5% lower than in the first quarter, held 1,056 Bitcoin in treasury alongside US$10.1 million in cash and US$31.2 million in long-term debt, and a market report valued bitcoin holdings near US$82.8 million. Adjusted EBITDA loss narrowed to US$10.7 million from US$154.1 million in the first quarter. CEO Paul Yu said the firm is prioritizing unit economics over scale, while Cango completed conversion of its Georgia EcoHash AI site for up to 3 megawatts, signed its first AI customer contract, launched a bitcoin hedging program, and expects AI-related revenue in the third quarter. Shares were down about 42.69% over three months and 89.76% over the past year.