エドガーで原本を確認する
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2025
Commission File Number: 001-38590
CANGO INC.
3131 McKinney Avenue
Dallas, Texas 75204, U.S.A.
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
| Exhibit 99.1 | Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results |
SIGNATURE
| CANGO INC. | ||
| By: | /s/ Yongyi Zhang | |
| Name: | Yongyi Zhang | |
| Title: | Chief Financial Officer | |
Date: December 2, 2025
Exhibit 99.1
Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results
Dallas, Texas, December 1, 2025 - Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial and Operational Highlights
| · | Total revenues were US$224.6 million in the third quarter of 2025, an increase of 60.6% compared with the second quarter of 2025. Revenue from the bitcoin mining business in the third quarter of 2025 was US$220.9 million. |
| · | Operating income was US$43.5 million and net income was US$37.3 million over the period. Adjusted EBITDA for the third quarter of 2025 was US$80.1 million. |
| · | Average operating hashrate increased steadily from 40.91 EH/s in July to 44.85 EH/s in September and further improved to 46.09 EH/s in October, with efficiency surpassing 90%. This was primarily due to mining facility relocations, operational enhancements and miner hardware upgrades. |
| · | A total of 1,930.8 BTC was mined over the third quarter, averaging 21.0 BTC per day, up 37.5% in total output and 36.0% in daily production compared with the second quarter of 2025. Average cost to mine, excluding depreciation of mining machines, was US$81,072 per BTC, with all-in costs of US$99,383 per BTC. As of the end of September 2025, the Company had mined 5,810 BTC since entering the bitcoin mining industry. |
| · | The Company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure, enhance corporate transparency, and align with its strategic focus. |
Mr. Paul Yu, Chief Executive Officer of Cango, said, "This quarter marks a significant milestone. It's been one year since our strategic transformation into a bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango's position as a scaled and operationally disciplined bitcoin miner. Today, we operate a deployed hashrate of 50 EH/s globally, positioning us among the leading miners worldwide. In the third quarter, we mined 1,930.8 BTC, with an average daily production of 21.0 BTC.
"While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy. We view bitcoin mining as the practical on-ramp toward our energy and compute ambitions, following the sequence of 'from bitcoin mining to energy access, and from operational depth to AI compute deployment.' In the third quarter, we executed our phased roadmap with strict financial discipline, launching small-scale pilots with clear technical and IRR thresholds across both energy and AI compute. Our energy projects in Oman and Indonesia are now underway and are expected to be commissioned within the next one to two years, providing strategic support for subsequent AI infrastructure development.
In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability." Mr. Michael Zhang, Chief Financial Officer of Cango, stated, "This was a standout quarter. Total revenues in the third quarter of 2025 were US$224.6 million, up 60.6% compared with the second quarter of 2025. We recorded operating income of US$43.5 million and a net income of US$37.3 million in the third quarter of 2025. As of September 30, 2025, we had cash and cash equivalents of US$44.9 million. Going forward, we believe our balance sheet strength allows for a healthy and sustainable AI transition, enabling us to scale according to the compute roadmap we presented."
Roadmap Forward
With the AI pilot projects underway, the Company's roadmap going forward now has greater granularity and will be executed in three sequential phases.
| · | Near term: Enter the market with GPU computing power leasing, focusing on rapid node deployment and model validation. The company will serve compute platforms and AI startups with an asset-light, pure-play connectivity model that handles no customer data or apps, builds trust, and supports rapid scaling. |
| · | Medium term: Evolve into a regional AI compute network by establishing self-operated data center hubs that offer greater control over energy and infrastructure. Cango will transition from selling raw compute to offering stable, low-latency inference services under mid- to long-term contracts that target mid-sized technology firms and regional leaders to build service moats. |
| · | Long term: Build a global, distributed AI compute grid powered by green energy, integrating multiple hubs and edge nodes for seamless, scalable capacity. The model will offer multi-year capacity contracts with elastic compute options, positioning Cango as a utility-like provider of AI compute for multinationals and large-scale AI applications. |
Third Quarter 2025 Financial Results from Continuing Operations
REVENUES
Total revenues were US$224.6 million in the third quarter of 2025. Revenue from the bitcoin mining business was US$220.9 million, with a total of 1,930.8 BTC mined in the third quarter of 2025. Revenue from international automobile trading income was US$3.3 million in the third quarter of 2025.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses in the third quarter of 2025 were US$181.2 million. These costs were primarily associated with the Company's bitcoin mining business.
| · | Cost of revenue (exclusive of depreciation shown below) in the third quarter of 2025 was US$162.6 million. |
| · | Cost of revenue (depreciation) in the third quarter of 2025 was US$35.4 million. |
| · | General and administrative expenses in the third quarter of 2025 were US$6.0 million. |
INCOME FROM OPERATIONS
Income from operations in the third quarter of 2025 was US$43.5 million, compared with an operating loss of US$1.2 million in the same period of 2024.
NET INCOME
Net income in the third quarter of 2025 was US$37.3 million, compared with a net income of US$9.5 million in the same period of 2024.
ADJUSTED EBITDA
Adjusted EBITDA in the third quarter of 2025 was US$80.1 million compared with US$1.2 million in the same period of 2024.
BALANCE SHEETS
As of September 30, 2025, the Company held:
| · | Cash and cash equivalents of US$44.9 million. |
| · | Receivable for bitcoin collateral non-current, net - related party of US$660.0 million. |
| · | Mining machines, net of US$365.7 million. |
| · | Long-term debts - related party of US$405.1 million. |
Reporting Currency
The Company has changed the reporting currency of its consolidated financial statements from Renminbi to U.S. dollars, reflecting the U.S dollar–denominated profile of its revenues and profit following the divestiture of its China-based business in May 2025. This change is effective from the third quarter of 2025, with all comparative figures recast to U.S. dollars.
Conference Call Information
The Company's management will hold a conference call on Monday, December 1, 2025, at 8:00 P.M. Eastern Time or Tuesday, December 2, 2025, at 9:00 A.M Hong Kong Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
| International: | +1-412-902-4272 |
| United States Toll Free: | +1-888-346-8982 |
| Mainland China Toll Free: | 4001-201-203 |
| Hong Kong, China Toll Free: | 800-905-945 |
| Conference ID: | Cango Inc. |
The replay will be accessible through December 8, 2025, by dialing the following numbers:
| International: | +1-412-317-0088 |
| United States Toll Free: | + 1-855-669-9658 |
| Access Code: | 4785049 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com.
About Cango Inc.
Cango Inc. (NYSE: CANG) is primarily engaged in the bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com.
Use of Non-GAAP Financial Measure
As part of our review of business performance, we present adjusted EBITDA as Non-GAAP financial measure to help assess our core operating results. Adjusted EBITDA is defined as net income or loss before interest, taxes, depreciation, and amortization, impairment, results from discontinued operations and further excludes share-based compensation expenses and other non-operating income and expenses. We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments.
While adjusted EBITDA is not a measure defined under U.S. GAAP, management uses it to evaluate performance, make strategic decisions, and set operating plans. Management believes it also helps investors gain a clearer understanding of our underlying performance by excluding certain costs and expenses that management believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP.
The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Roadmap Forward" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Juliet Ye, Head of Communications
Cango Inc.
Email: ir@cangoonline.com
Christensen Advisory
Tel: +852 2117 0861
Email: cango@christensencomms.com
|
CANGO INC.
|
||||||||
| As of December 31, 2024 | As of September 30, 2025 | |||||||
| US$ | US$ | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 90,431,392 | 44,897,802 | ||||||
| Crypto currency | - | 41,838 | ||||||
| Short-term investments, net | 40,051,450 | - | ||||||
| Accounts receivable, net | 1,645,518 | 2,903,220 | ||||||
| Prepayments and other current assets, net | 26,966,209 | 127,265,543 | ||||||
| Prepayments and other current assets, net - related parties | - | 114,184,887 | ||||||
| Receivable for bitcoin collateral - current, net - related party | 84,536,567 | - | ||||||
| Current assets of discontinued operations | 230,113,402 | - | ||||||
| Total current assets | 473,744,538 | 289,293,290 | ||||||
| Non-current assets: | ||||||||
| Mining machines, net | 242,806,713 | 365,676,067 | ||||||
| Property and equipment, net | 65,460 | 19,197,894 | ||||||
| Intangible assets, net | - | 297,731 | ||||||
| Deferred tax assets | - | 624,031 | ||||||
| Operating lease right-of-use assets, net | 184,381 | 2,250,166 | ||||||
| Receivable for bitcoin collateral - non-current, net - related party | - | 660,045,300 | ||||||
| Other non-current assets, net | 44,621,402 | - | ||||||
| Non-current assets of discontinued operations | 56,357,205 | - | ||||||
| Total non-current assets | 344,035,161 | 1,048,091,189 | ||||||
| TOTAL ASSETS | 817,779,699 | 1,337,384,479 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term debts - related party | 17,067,978 | - | ||||||
| Accrued expenses and other current liabilities | 170,990,519 | 155,876,879 | ||||||
| Accrued expenses and other current liabilities - related parties | - | 3,238,821 | ||||||
| Income tax payable | 48,609,811 | 82,331,907 | ||||||
| Short-term lease liabilities | 180,236 | 494,271 | ||||||
| Current liabilities of discontinued operations | 20,517,367 | - | ||||||
| Total current liabilities | 257,365,911 | 241,941,878 | ||||||
| Non-current liabilities: | ||||||||
| Long-term debts - related party | - | 405,132,591 | ||||||
| Deferred tax liability | 1 | 1 | ||||||
| Long-term operating lease liabilities | - | 1,854,280 | ||||||
| Non-current liabilities of discontinued operations | 6,546,889 | - | ||||||
| Total non-current liabilities | 6,546,890 | 406,986,872 | ||||||
| Total liabilities | 263,912,801 | 648,928,750 | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares | 29,504 | 44,171 | ||||||
| Treasury shares | (111,567,030 | ) | (110,006,201 | ) | ||||
| Additional paid-in capital | 728,564,614 | 1,142,250,191 | ||||||
| Accumulated other comprehensive loss | (49,574,973 | ) | - | |||||
| Accumulated deficit | (13,585,217 | ) | (343,832,432 | ) | ||||
| Total Cango Inc.’s equity | 553,866,898 | 688,455,729 | ||||||
| Total shareholders' equity | 553,866,898 | 688,455,729 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 817,779,699 | 1,337,384,479 | ||||||
|
CANGO INC.
|
||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||
| US$ | US$ | US$ | US$ | |||||||||||||
| Revenues | - | 224,635,729 | - | 508,626,360 | ||||||||||||
| Bitcoin mining income | - | 220,863,310 | - | 503,133,291 | ||||||||||||
| International automobile trading income | - | 3,280,773 | - | 5,001,423 | ||||||||||||
| Others | - | 491,646 | - | 491,646 | ||||||||||||
| Operating cost and expenses: | ||||||||||||||||
| Cost of revenue (exclusive of depreciation shown below) | - | 159,383,806 | - | 384,831,791 | ||||||||||||
| Cost of revenue (exclusive of depreciation shown below) - related parties | - | 3,188,925 | 3,188,925 | |||||||||||||
| Cost of revenue (depreciation) | - | 35,356,473 | - | 78,550,799 | ||||||||||||
| General and administrative | 1,222,709 | 5,994,066 | 4,426,314 | 19,008,822 | ||||||||||||
| Provision for credit losses | - | 471,861 | - | 1,681,320 | ||||||||||||
| Impairment loss from mining machines | - | - | - | 256,856,570 | ||||||||||||
| Gain from changes in fair value of receivable for bitcoin collateral | - | (23,234,260 | ) | - | (74,949,636 | ) | ||||||||||
| Total operation cost and expense | 1,222,709 | 181,160,871 | 4,426,314 | 669,168,591 | ||||||||||||
| (Loss) income from operations | (1,222,709 | ) | 43,474,858 | (4,426,314 | ) | (160,542,231 | ) | |||||||||
| Interest income | 2,066,213 | 972,710 | 6,361,881 | 1,963,883 | ||||||||||||
| Interest expense - related party | - | (7,376,591 | ) | - | (10,740,197 | ) | ||||||||||
| Foreign exchange loss, net | - | (122,597 | ) | - | (130,585 | ) | ||||||||||
| Other income | 229,464 | 1,978,466 | 395,915 | 2,205,459 | ||||||||||||
| Other expenses | - | (5,344 | ) | - | (83,439 | ) | ||||||||||
| Net income (loss) before income taxes | 1,072,968 | 38,921,502 | 2,331,482 | (167,327,110 | ) | |||||||||||
| Income tax expenses | - | (1,601,562 | ) | - | (451,087 | ) | ||||||||||
| Net income (loss) from continuing operations | 1,072,968 | 37,319,940 | 2,331,482 | (167,778,197 | ) | |||||||||||
| Discontinued operations: | ||||||||||||||||
| Income (Loss) from discontinued operations | 8,004,120 | - | 31,736,855 | (129,822,040 | ) | |||||||||||
| Income tax benefit (expense) | 447,395 | - | (160,095 | ) | (32,646,978 | ) | ||||||||||
| Net income (loss) from discontinued operations | 8,451,515 | - | 31,576,760 | (162,469,018 | ) | |||||||||||
| Net income (loss) attributable to Cango Inc.’s shareholders | 9,524,483 | 37,319,940 | 33,908,242 | (330,247,215 | ) | |||||||||||
| Earnings (losses) per ordinary share: | ||||||||||||||||
| Basic | ||||||||||||||||
| Discontinued operations | 0.04 | - | 0.15 | (0.62 | ) | |||||||||||
| Continuing operations | 0.01 | 0.11 | 0.01 | (0.65 | ) | |||||||||||
| Basic | 0.05 | 0.11 | 0.16 | (1.27 | ) | |||||||||||
| Diluted | - | - | - | - | ||||||||||||
| Discontinued operations | 0.04 | - | 0.14 | (0.62 | ) | |||||||||||
| Continuing operations | - | 0.10 | 0.01 | (0.65 | ) | |||||||||||
| Diluted | 0.04 | 0.10 | 0.15 | (1.27 | ) | |||||||||||
| Weighted average shares used to compute earnings (losses) per ordinary share: | ||||||||||||||||
| Basic | 206,973,996 | 354,492,530 | 208,693,418 | 259,254,322 | ||||||||||||
| Diluted | 227,823,258 | 383,939,436 | 225,706,030 | 259,254,322 | ||||||||||||
| Other comprehensive income, net of tax | ||||||||||||||||
| Release accumulated other comprehensive loss | - | - | - | 44,270,340 | ||||||||||||
| Foreign currency translation adjustment | 14,789,288 | - | 5,672,346 | 5,304,633 | ||||||||||||
| Total comprehensive income (loss) | 24,313,771 | 37,319,940 | 39,580,588 | (280,672,242 | ) | |||||||||||
| Total comprehensive income (loss) attributable to Cango Inc.’s shareholders | 24,313,771 | 37,319,940 | 39,580,588 | (280,672,242 | ) | |||||||||||
|
CANGO INC.
|
||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| US$ | US$ | US$ | US$ | |||||||||||||
| Net income (loss) | 9,524,483 | 37,319,940 | 33,908,242 | (330,247,215 | ) | |||||||||||
| Less: Discontinued operations: | ||||||||||||||||
| Income (Loss) from discontinued operations | 8,004,120 | - | 31,736,855 | (129,822,040 | ) | |||||||||||
| Income tax benefit (expense) | 447,395 | - | (160,095 | ) | (32,646,978 | ) | ||||||||||
| Net income (loss) from discontinued operations | 8,451,515 | - | 31,576,760 | (162,469,018 | ) | |||||||||||
| Net income (loss) from continuing operations | 1,072,968 | 37,319,940 | 2,331,482 | (167,778,197 | ) | |||||||||||
| Add: Interest expense | - | 7,376,591 | - | 10,740,197 | ||||||||||||
| Add: Income tax benefit | - | 1,601,562 | - | 451,087 | ||||||||||||
| Add: Depreciation and amortization | 84 | 35,679,472 | 791 | 78,880,671 | ||||||||||||
| Cost of revenue | - | 35,676,840 | - | 78,871,166 | ||||||||||||
| General and administrative | 84 | 2,632 | 791 | 9,505 | ||||||||||||
| Add: Impairment loss from mining machines | - | - | - | 256,856,570 | ||||||||||||
| Add: Other expenses | - | 5,344 | - | 83,439 | ||||||||||||
| Less: Other income | 229,464 | 1,978,466 | 395,915 | 2,205,459 | ||||||||||||
| Add: Share-based compensation expenses | 362,383 | 122,081 | 1,441,495 | 3,819,943 | ||||||||||||
| General and administrative | 362,383 | 122,081 | 1,441,495 | 3,819,943 | ||||||||||||
| Non-GAAP adjusted EBITDA | 1,205,971 | 80,126,524 | 3,377,853 | 180,848,251 | ||||||||||||
| Non-GAAP adjusted EBITDA attributable to Cango Inc.’s shareholders | 1,205,971 | 80,126,524 | 3,377,853 | 180,848,251 | ||||||||||||