Cango (CANG) Stock Falls 21% After Bitcoin Mining Revenue Halves in Q2

TLDR

• Cango stock fell more than 21% after reporting an $81.6 million net loss for Q2 2026.
• Total revenue was $50.8 million, down roughly 50% from Q1, with $47.4 million from bitcoin mining.
• The company mined 656 BTC during the quarter and holds 1,065 BTC worth around $82.8 million.
• Operating hashrate stood at 27.58 EH/s as older S19 rigs were phased out.
• EPS came in at ¥-13.370, missing analyst estimates of ¥-6.820 by ¥6.55.

Cango (CANG) stock was trading around $1.89 on Tuesday, down more than 21% after the bitcoin miner posted an $81.6 million net loss for the second quarter.

Cango Inc., CANG

The results badly missed Wall Street expectations. EPS came in at ¥-13.370, missing the analyst estimate of ¥-6.820 by ¥6.55. Revenue of ¥341.24 million also fell well short of the ¥577.37 million consensus.

Total revenue for Q2 was $50.8 million, roughly half of what the company brought in during Q1. Bitcoin mining accounted for $47.4 million of that total.

The steep revenue decline came down to a deliberate pullback. Cango phased out older S19 mining rigs and shifted some capacity to a hosted leasing model, describing the move as an effort to “right-size” its mining operations.

Cango, $CANG, Q2-26.

Mining revenue got cut in half. Losses improved sharply as Cango resets the fleet and pivots toward AI compute.

🔴 Revenue: $50.8M | -15% vs. consensus | -50% QoQ
🔴 GAAP diluted EPS -$1.99 vs. -$0.90 est.
📉 Net loss: -$81.6M vs. -$261.1M in Q1 pic.twitter.com/BZjJ4PzJQ8

— EarningsTime (@Earnings_Time) August 31, 2026

By June 30, Cango’s operating hashrate had dropped to 27.58 EH/s. That was made up of 19.94 EH/s of self-mining capacity and 7.74 EH/s from leased capacity.

The company mined 656 Bitcoin during the quarter. At quarter-end, it held 1,065 BTC in reserves, worth roughly $82.8 million at current prices.

On the cost side, there was a small positive. The leaner fleet helped cut the average cash cost per bitcoin mined by around 5% from Q1, bringing it down to approximately $73,313. Cango has also started hedging its bitcoin exposure to manage price swings.

Profitability Over Scale

CEO Paul Yu said the company is now focused on “unit economics rather than scale” in its bitcoin mining business. The shift reflects a broader pivot away from simply growing hashrate.

Cango has also been moving into AI infrastructure. The company is converting its Georgia mining site to support GPU computing, with the site capable of handling up to 3 MW.

AI Infrastructure Push

Revenue from the Georgia GPU site is expected to begin in the third quarter. That timeline makes Q3 results a key test for whether the AI pivot is generating real income.

CANG stock is down 42.69% over the past three months and down 89.76% over the past 12 months.

InvestingPro rates Cango’s financial health as “fair performance.”

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