Slide 1: Q3 2025 Earnings Presentation
CANGO Q3 2025 Earnings Presentation December 2025
Slide 2: Disclaimer
Disclaimer CANGO This presentation has been prepared by Cango Inc. (the “Company”) solely for information purpose and has not been independently verified. By viewing or accessing the information contained in this material, the recipient hereby acknowledges and agrees that no representations, warrant
Slide 3: Q3 Financial Highlights
Q3 Financial Highlights CANGO (>) Total revenue was $224.6 million. The BTC mining business generated revenue of $220.9 million. [>] Cash and cash equivalents were $44.9 million as of September 30, 2025 oO Adjusted EBITDA was $80.1 million, reflecting the underlying strength of the Company's BTC min
Slide 4: Q3 Operational Highlights
Q3 Operational Highlights CANGO Cango operates 50 EH/s of deployed hashrate globally O 50 EH/s (> and maintains an average operating efficiency above Hashrate 90% since November 2024 till September 2025. stember 30, 2025 Mined a total of 1,930.8 BTC during the quarter, (>) bringing the Company's BTC
Slide 5: BTC holdings by month
7000 6000 5,810.1 5,193.6 5000 4,529.7 3,879.2 4000 3,429.2 2,944.8 3000 2,474.8 1,944.7 2000 1,472.0 933.8 1000 569.5 538.2 530.1 650.5 663.7 616.6 364.3 364.3 472.7 470 484.4 450 0 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 4
Slide 6: Monthly operating metrics (Nov-24 to Sep-25)
60 1 50 50 50 50 40 43.7 44.8 40.9 32 32 32 32 32 32 32 30.4 30.3 29.8 30.1 29.7 29.9 29.9 28.8 2 20 0 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 5
Slide 7: Monthly operating metrics (Nov-24 to Sep-25)
20.0 18.7 17.9 17.5 15.9 16.2 15.9 15.7 2 15.0 15.2 15.0 13.7 12.7 10.0 5.0 0.0 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 6
Slide 8: EH/s of Deployed Computing Power
50 EH/s of Deployed Computing Power CANGO USA East Africa Oman Paraguay 49% of total deployed hashrate 30% of tote 12% of total deployed hashrate 9% of total dey hashrate WR 404. AQ ~644 3) 5SOEH/s [Esp > 90%: . Average Bitcoin Produced oO Average Operating Hashrate In 4 Geographies per Month in Q3
Slide 9: BTC production and holdings chart
700 7000 • 5,810.1 600 6000 5,193.6 500 4,529.7 5000 3,879.2 400 3,429.3 4000 2,944.8 300 2,474.8 3000 1,944.7 • 200 1,472.0 2000 100 1000 0 0 • 8
Slide 10: Comprehensive Metrics Showcase Financial Resilience
Comprehensive Metrics Showcase Financial Resilience CANGO $ in millions, unaudited Q3 2025 Q2 2025 Total Revenues 224.6 139.8 Cost of Revenue (Including depreciation) 197.9 138.1 Gross Profit 26.7 1.7 Gross Margin 11.9% 1.2% Gain from fair value changes of bitcoin collateral 23.2 79.2 Income (loss)
Slide 11: Quarterly metrics (Mar-25 to Sep-25)
20 16.4 15 10.9 12 10 5 0 Mar-25 Jun-25 Sep-25 10
Slide 12: Key Achievements
Key Achievements CANGO The Next Chapter of Strategic Transformation: Optimizing Operations and Strengthening Governance Leadership Strategic Acquisition of Direct Listing Restructuring First Mining Facility New Board of Directors and senior In August, Cango acquired a 50 MW. In October, Board approv
Slide 13: From BTC Mining to AI Compute
From BTC Mining to Al Compute CANGO Building A Global Distributed Al Computing Infrastructure Network Supported by Green Power Medium-term nergy + HPC Short-term BTC Mining rgy &Al Infrastructure Net mpute york (>) Build a globally distributed compute grid integrating Al compute with energy-linked D
Slide 14: Building a Digital Ecosystem: Energy, Compute, and Value
Building a Digital Ecosystem: Energy, Compute, and Value CANGO Cango is building an intelligent ecosystem where energy and compute dynamically converge to maximize value across Bitcoin mining and HPC applications Tailored Infrastructure Designing and building flexible power and data centers to enabl
Slide 15: Thank You