Cango Reports $452M Net Loss Despite $688M Revenue in First Full Year of Bitcoin Mining

Cango is also repositioning beyond mining, advancing a shift into artificial intelligence (AI) infrastructure through its U.S. subsidiary, Ecohash. The company is retrofitting its Georgia-based mining site with modular AI inference systems, with pilot deployments already underway. The initiative targets demand for distributed, lower-cost computing using existing energy-connected infrastructure.

Leadership framed the transition as a continuation of its broader transformation strategy. CEO Paul Yu said the company entered 2026 focused on balance sheet optimization and expansion into AI-driven computing services, while CFO Michael Zhang emphasized that the net loss stemmed largely from non-recurring and market-driven accounting factors rather than core operations.

Investor backing has continued during the transition. In February, Cango secured a $10.5 million equity investment from Enduring Wealth Capital and $65 million in equity commitments from its leadership team, while also repurchasing shares under an existing buyback program.

Shares have recently traded near $0.68, down about 43% over the past three months, reflecting investor response to reported losses and broader mining sector pressures. The company’s results highlight both the capital intensity of large-scale mining and a growing trend among miners reallocating resources toward AI-related infrastructure.