Cangu in 2025 will have revenue of $688.1 million, with mining operations contributing $675.5 million, and a net loss from continuing operations of $452 million, turning from profit to loss year-over-year.

Question AI · Can selling cryptocurrency to pay off debts effectively reduce financial leverage?

On March 18, Cangu released its financial performance report for the year 2025 for its continuing operations. The announcement showed that the company’s total revenue for 2025 reached $688.1 million; a total of 6,594.6 bitcoins were mined; and the net loss from continuing operations for the year was $452 million. The comprehensive mining cost per bitcoin for 2025 reached a staggering $97,272.

From the revenue perspective, the company’s total revenue in 2025 reached $688.1 million, with the mining business performing exceptionally well, contributing $675.5 million in revenue, and a total of 6,594.6 related cryptocurrencies mined by the end of 2025. In stark contrast, the international automobile trading business achieved only $9.8 million in revenue, indicating that the mining business occupies an absolute dominant position in the company’s revenue structure.

In 2025, the company’s total operating costs and expenses reached $1.1 billion. Breaking it down, operating costs (excluding depreciation) were $543.3 million, operating costs (depreciation) were $116.6 million, and general and administrative expenses were $28.9 million (including $1.1 million related to related parties). Additionally, the impairment loss on mining machines reached a staggering $338.3 million, while the fair value change loss on bitcoin collateral receivables also reached $96.5 million; the company had an operating loss of $437.1 million for the year.

In terms of net profit, the net loss from continuing operations in 2025 was $452.8 million, in stark contrast to a net profit of $4.8 million from continuing operations in 2024. However, the net profit adjusted for non-GAAP was $24.5 million, an increase from $5.7 million in 2024.

As of December 31, 2025, the company held cash and cash equivalents of $41.2 million, with long-term receivables from related parties for bitcoin collateral amounting to $663 million, and the net value of mining machines was $248.7 million, while long-term debts to related parties amounted to $557.6 million. To optimize its financial situation, in February 2026, the company sold 4,451 related cryptocurrencies to repay part of the long-term debts to related parties, aiming to reduce overall financial leverage and strengthen its balance sheet.