Cango's Q2 revenue reaches $50.8 million, its AI infrastructure business enters the commercialization phase.

According to official announcements, NYSE-listed company Cango reported Q2 2026 revenue of $50.8 million, with BTC mining contributing $47.4 million and other business income accounting for $3.4 million. As of June 30, the company held 1,056 BTC, with cash and cash equivalents of $10.1 million and long-term debt of $31.2 million. In terms of mining operations, Cango is continuing to phase out less efficient S19 series mining rigs, partially shifting to a hash rate rental model. As of June 30, the company’s self-operated hash rate stood at 19.84 EH/s, with rental hash rate at 7.74 EH/s, bringing total operational hash rate to 27.58 EH/s. In Q2, the company mined a total of 656 BTC, with an average cash mining cost of $73,313 per coin, down approximately 5% from Q1. The company has also begun implementing a BTC hedging strategy to mitigate the impact of price volatility on operating cash flow. On the AI infrastructure front, Cango’s LN mining site in Georgia, U.S., completed renovations in early July, now supporting a maximum capacity of 3 megawatts with reserved space for future expansion. Containerized equipment has been fully installed, while GPU hardware is arriving in batches. The company has signed its first AI customer contract, marking the official shift of its business from infrastructure construction and technical verification to the commercialization stage, with related revenue expected to be recognized starting in Q3. Additionally, Cango plans to develop two models simultaneously: bare-metal GPU hosting and colocation services, though no formal colocation contracts have been signed to date. The company has also deployed test nodes in Texas and the U.S. West Coast to meet customers’ demand for localized deployment, and is evaluating more potential sites and the possibility of building its own facilities.