$CANG

Cango Inc.

CIK:0001725123|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Revenues	$ 688,079,223	$ 89,908,403
Operating costs and expenses
Cost of revenue (exclusive of depreciation shown below)	543,299,866	63,547,329
Cost of revenue (depreciation)	116,636,416	11,539,783
General and administrative		15,807,334	$ 7,023,689
Provision for credit losses	1,677,444	711,224
Impairment loss from mining machines	338,280,027
Gain from changes in fair value of crypto currencies	(115,331)
Loss from changes in fair value of receivable for Bitcoin collateral	96,498,438	3,417,442
Total operating costs and expenses	1,125,174,976	95,023,112	7,023,689
Operating loss from continuing operations	(437,095,753)	(5,114,709)	(7,023,689)
Interest income	2,017,566	9,454,145	9,271,662
Net loss on equity securities			(6,489)
Foreign exchange loss, net	(225,383)	(125)	(26,320)
Other income	4,065,198	511,292	726,930
Other expenses	(743,405)
Net income (loss) before income taxes from continuing operations	(451,947,311)	4,757,327	2,942,057
Income tax expense	(842,023)
Net income (loss) from continuing operations, net of tax	(452,789,334)	4,757,327	2,942,057
Discontinued operations:
Income (loss) from discontinued operations	(129,822,040)	37,078,635	4,907,497
Income tax expenses	(39,340,669)	(183,651)	(13,326,297)
Net (loss) income from discontinued operations	(169,162,709)	36,894,984	(8,418,800)
Net (loss) income	$ (621,952,043)	$ 41,652,311	$ (5,476,743)
Basic
Continuing operations (in dollars per share)	$ (1.6)	$ 0.02	$ 0.01
Discontinued operations (in dollars per share)	(0.6)	0.18	(0.03)
Diluted
Continuing operations (in dollars per share)	(1.6)	0.02	0.01
Discontinued operations (in dollars per share)	$ (0.6)	$ 0.16	$ (0.03)
Weighted average shares used to compute earnings (losses) per Class A and Class B share:
Basic (in shares)	283,289,035	208,197,617	243,048,785
Diluted (in shares)	283,289,035	233,032,722	253,880,488
Other comprehensive income (loss), net of tax
Release accumulated other comprehensive loss	$ 44,270,340
Foreign currency translation adjustment	5,304,633	$ (10,708,386)	$ (11,635,202)
Total comprehensive (loss) income, net of tax	(572,377,070)	30,943,925	(17,111,945)
Non-related parties
Operating costs and expenses
General and administrative	27,818,694	15,807,334	7,023,689
Interest expense	(5,910,431)	(93,276)	$ (37)
Related party
Operating costs and expenses
General and administrative	1,079,422
Interest expense	(14,055,103)
Bitcoin mining income
Revenues
Revenues	675,501,646	$ 89,908,403
International automobile trading income
Revenues
Revenues	9,831,011
Other revenues \| Non-related parties
Revenues
Revenues	1,249,779
Other revenues \| Related party
Revenues
Revenues	$ 1,496,787

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (621,952,043)	$ 41,652,311	$ (5,476,743)
Less: (Loss) income from discontinued operations	(169,162,709)	36,894,984	(8,418,800)
Net income (loss) from continuing operations	(452,789,334)	4,757,327	2,942,057
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Bitcoin mining income	(675,501,646)	(89,908,403)
Energy and hosting costs paid by crypto currencies	478,098,035	17,067,978
Loss from changes in fair value of Bitcoin collateral	96,498,438	3,417,442
Gain from changes in fair value of crypto currencies	(115,331)
Depreciation and amortization	117,007,191	11,845,686	108,960
Share-based compensation expense	4,881,377	1,404,008	3,502,433
Impairment loss from mining machines	338,280,027
Provision for credit losses	1,677,444	711,224
Net investment loss			6,489
Foreign exchange loss, net	225,383	125	26,320
Loss on disposal of property and equipment	(480,936)
Changes in operating assets and liabilities:
Accounts receivable	(1,251,964)
Short-term and long-term operating lease liabilities	(193,423)	(309,128)	(107,493)
Prepayments, other current assets, and other non-current assets	(1,806,008)	(71,808,830)	563,316
Accrued expenses, other current liabilities, and other non-current liabilities	48,991	43,140,986	243,010
Net cash provided by (used in) continuing operating activities	(95,421,756)	(79,681,585)	7,285,092
Net cash provided by (used in) discontinued operating activities	(14,407,658)	38,850,280	139,019,378
Net cash provided by (used in) operating activities	(109,829,414)	(40,831,305)	146,304,470
Cash flows from investing activities:
Purchase of held-to-maturity investment		(319,036,644)
Maturities of held-to-maturity investment		354,032,774
Proceeds from redemption of other short-term investments, net	40,074,512		290,032,930
Purchases of property and equipment and intangible assets	(9,408,716)	(65,110)
Purchase of other short-term investments			(177,135,598)
Purchases of mining machines	(105,370,217)	(128,028,596)
Proceeds from sale of discontinued operations, net of cash disposed	209,565,923
Payment of other long-term investment	(2,000,000)
Net cash provided by (used in) continuing investing activities	132,861,502	(93,097,576)	112,897,332
Net cash provided by (used in) discontinued investing activities	(54,180,371)	(85,570,858)	190,070,347
Net cash provided by (used in) investing activities	78,681,131	(178,668,434)	302,967,679
Cash flows from financing activities:
Payment to repurchase treasury shares	(1,249,808)	(12,635,418)	(34,168,869)
Proceeds from borrowings - related party	26,180,351
Proceeds from exercise of share options	495,936	360,589	563,081
Repayment of borrowings	(174,346,597)
Net cash used in continuing financing activities	(148,920,118)	(12,274,829)	(33,605,788)
Net cash used in discontinued financing activities		(5,426,532)	(136,619,066)
Net cash used in financing activities	(148,920,118)	(17,701,361)	(170,224,854)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,774,822	(8,412,771)	(1,838,794)
Net increase (decrease) in cash, cash equivalents and restricted cash	(176,293,579)	(245,613,871)	277,208,501
Cash, cash equivalents and restricted cash at beginning of the year	217,537,206	463,151,077	185,942,576
Cash, cash equivalents and restricted cash at the end of the year	41,243,627	217,537,206	463,151,077
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of the year		127,105,814	360,872,245
Cash, cash equivalents and restricted cash of continuing operations at the end of the year	41,243,627	90,431,392	102,278,832
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	41,243,627	90,431,392	102,278,832
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	41,243,627	90,431,392	102,278,832
Supplemental disclosures of cash flow information:
Cash paid for income taxes		367,726	1,118,526
Cash paid for interest	16,495,317		2,440,699
Non-cash investing and financing transactions
Ordinary shares and warrants issued in connection with purchase of mining machines	411,352,430
Liabilities assumed in connection with purchase of mining machines	11,633,460	126,317,900
Retirement of treasury shares		9,719,080
Purchase of mining site with crypto currencies	10,500,000
Purchase of mining machines with crypto currencies	25,721,307
Operating lease right-of-use asset obtained in exchange for operating lease liability	2,361,670	394,603	73,094
Operating lease right-of-use asset released in exchange for operating lease liability	119,252	37,094	$ 3,322,447
Third Party
Non-cash investing and financing transactions
Debt received in the form of crypto currencies	262,091,135	$ 17,067,978
Related party
Non-cash investing and financing transactions
Debt received in the form of crypto currencies	$ 252,228,207

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 41,243,627	$ 90,431,392
Crypto currencies	42,545
Short-term investments, net		40,051,450
Prepayments and other current assets, net	6,835,599	26,966,209
Receivable for Bitcoin collateral, net		$ 84,536,567
Other current assets, net - related party	$ 74,270,770
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party
Current assets of discontinued operations		$ 230,113,402
Total current assets	$ 125,118,683	473,744,538
Non-current assets:
Mining machines, net	248,745,505	242,806,713
Property, plant and equipment, net	18,797,925	65,460
Intangible assets, net	292,836
Operating lease right-of-use assets, net	2,079,937	184,381
Receivable for Bitcoin collateral, net - non-current - related party	662,968,814
Non-current assets of discontinued operations		56,357,205
Total non-current assets	1,007,866,650	344,035,161
TOTAL ASSETS	1,132,985,333	817,779,699
Current liabilities:
Short-term debts		17,067,978
Income tax payable	88,792,503	48,609,811
Short-term operating lease liabilities	573,959	180,236
Current liabilities of discontinued operations		20,517,367
Total current liabilities	176,721,103	257,365,911
Non-current liabilities:
Long-term debts - related party	557,567,671
Deferred tax liability	1	1
Long-term operating lease liabilities	1,655,272
Non-current liabilities of discontinued operations		6,546,889
Total non-current liabilities	559,222,944	6,546,890
Total liabilities	735,944,047	263,912,801
Shareholders' equity
Treasury shares	(103,424,568)	(111,567,030)
Additional paid-in capital	1,135,958,943	728,564,614
Accumulated other comprehensive loss		(49,574,973)
Accumulated deficit	(635,537,260)	(13,585,217)
Total shareholders' equity	397,041,286	553,866,898
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,132,985,333	817,779,699
Non-related parties
Current assets:
Accounts receivable, net	1,661,702	1,645,518
Prepayments and other current assets, net	6,835,599	26,966,209
Non-current assets:
Other non-current assets, net	68,025,983	44,621,402
Current liabilities:
Accrued expenses and other current liabilities	82,329,075	170,990,519
Related party
Current assets:
Accounts receivable, net	1,064,440
Non-current assets:
Other non-current assets, net	6,955,650
Current liabilities:
Accrued expenses and other current liabilities	5,025,566
Class A Ordinary shares
Shareholders' equity
Ordinary shares	43,171	22,206
Treasury shares	(103,424,568)
Class B Ordinary shares
Shareholders' equity
Ordinary shares	$ 1,000	$ 7,298