Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation May 2025
Slide 2: Disclaimer
Disclaimer 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, warranties or
Slide 3: First Quarter of 2025: New Chapter of Growth
First Quarter of 2025: New Chapter of Growth Solid First Quarter Financial Performance Total revenue stood at RMB1.1 billion (US$145.2 million), up 1600% from RMB64.4 million in the same period of 2024. The BTC mining business generated revenue of RMB1.0 billion (US$144.2 million) in the quarter. Ca
Slide 4: Financial Highlights in First Quarter
Financial Highlights in First Quarter $145.2 M $144.2 M $347.4 M 1 $3.8 M Total Revenue BTC Revenue Liquidity Adjusted EBITDA 1600% YoY $70,602.1 2 23.8 BTC Cost per Coin Cumulative Coins per Million ADS 3 1. Liquidity is the sum of cash and cash equivalents and short-term investments. 2. Cost per C
Slide 5: BTC Mining Operation in First Quarter
BTC Mining Operation in First Quarter 32 EH/s 30.0 EH/s 4% 1 Deployed Hashrate Average Operating Hashrate % of Global Hashrate as of Q1, 2025 in Q1, 2025 as of Q1, 2025 2 1,541 2,474.8 $204 M BTC Mined BTC HODL Value of BTC HODL in Q1, 2025 as of Q1, 2025 as of Q1, 2025 21.5 J/TH 735 MW Average Flee
Slide 6: Worldwide Hashrate and Capacity Layout
Worldwide Hashrate and Capacity Layout Canada – 1% 5MW Hosting Capacity 5 0.2 EH/s Deployed Hashrate East Africa – 37% Global Regions 278 MW Hosting Capacity 11.9 EH/s Deployed Hashrate USA – 38% 735 MW Total Hosting Capacity 275 MW Hosting Capacity 12.2 EH/s Deployed Hashrate Oman – 15% 32 EH/s 114
Slide 7: Mining Machine Overview
Mining Machine Overview ~136K ~80% ~20% On-rack Machines S19XP Hyd. S19XP, S19j XP Data as of March 31, 2025 SOURCE: Company data. 6
Slide 8: BTC Long-term Holding Strategy
BTC Long-term Holding Strategy Cumulative BTC HODL by Month Unit: BTC 2,474.8 Total BTC HODL as of Q1, 2025 2,474.8 1,944.7 0 1,472.0 Total BTC SOLD as of Q1, 2025 933.8 1 363.9 204 M Value of Total BTC HODL as of Q1, 2025 Nov. 2024 Dec. 2024 Jan. 2025 Feb. 2025 Mar. 2025 1. Based on the Bitcoin tra
Slide 9: BTC Mining First Quarter Highlights
BTC Mining First Quarter Highlights Average BTC BTC Mined per EH/s per Month Average Fleet Efficiency Mined per Day Unit BTC Unit: J/TH Unit: BTC 21.6 21.5 18.6 17.8 Maintained stable, high- 16.8 16.6 17.1 volume productions during 14.8 Q1 2025. Reduced energy consumption by 4%. Dec. 2024 Jan. 2025
Slide 10: BTC Mining Highlights: Comparative Data Insights
BTC Mining Highlights: Comparative Data Insights Total Hashrate EH/s BTC Mined BTC HODL in Q4 2024 and Q1 2025 as of March 31, 2025 as of March 31, 2025 Unit: EH/s Unit: BTC Unit: BTC Q4 2024 47,531 54.3 Q1 2025 2,492 2,286 42.4 1,945 1,956 33.7 32 1,541 1,516 1,530 19,223 1 974 18.1 934 718 11,869
Slide 11: BTC Mining Highlights: Comparative Data Insights (continued)
BTC Mining Highlights: Comparative Data Insights (continued) Average Fleet Efficiency Average BTC Mined per Day BTC Mined per EH/s in Q1 2025 in Q1 2025 in March 2025 Unit: J/TH Unit: BTC Unit: BTC 27.1 24.4 21.5 21.1 21.0 19.3 17.1 16.7 17.0 16.5 16.6 15.8 15.3 13.7 10.6 Miner B Miner A Miner C CAN
Slide 12: First Quarter Financial Performance
First Quarter Financial Performance $ in millions, unaudited, expect for margins Q1 2025 Total Revenues 145.2 Cost of Revenues 131.6 Gross Profit 13.6 Gross Margin 9.4% Sales and Marketing 0.06 General and Administrative 12.8 Research and Development 0.04 Adjusted EBITDA 3.8 SOURCE: Company data. 11
Slide 13: First Quarter Financial Performance (continued)
First Quarter Financial Performance (continued) $ in millions, unaudited $145.2 Adjusted EBITDA $3.8 0 Revenue ($108.8) ($21.4) ($28.6) Income from Operations Net Income 1 Cash Cost of Mining 1. Cash Cost of Mining includes energy costs and hosting fees. SOURCE: Company data. 12
Slide 14: Management Remark
Management Remark “ We have adopted a ‘Mine and Hold’ strategy, prioritizing both self-mining and long-term holding. The 32 EH/s of computing power we current hold positions us among the world’s top BTC miners. We expect to add another 18 EH/s by the end of July 2025. Looking ahead, we will continue
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