Cango (NYSE:CANG) reported first-quarter 2026 revenue of approximately $102 million, driven primarily by its Bitcoin mining business, as management said the company is prioritizing cost discipline and cash flow resilience over hash rate scale during a period of industry adjustment.
Chief Executive Officer Peng Yu said the quarter reflected “macro headwinds” and the company’s ongoing strategic transition. Cango reported a net loss from continuing operations of $261.1 million, which management attributed mainly to non-cash impairment charges on Bitcoin mining machines and losses from changes in the fair value of receivables for Bitcoin collateral tied to a decline in Bitcoin’s market price.
