Slide 1: Q4 2025 Earnings Presentation
CANGO Q4 2025 Earnings Presentation March 2026
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: Financial Highlights
Financial Highlights CANGO FY25 Revenue FY25 Adj. EBITDA US$688.1 M US$24.5 M Up 665.3% YoY 1. Net value of mining machine after depreciation as of December 31, 2025 SOURCE: Company data
Slide 4: Operational Highlights
Operational Highlights CANGO Q4 (>) The average operational hashrate stood at 44.6 EH/s, with an oO average efficiency of 89.2%. [>] Average cash cost to mine was $84,552? per BTC, with all-in kv” 44.6 EH/s cost remaining competitive at $106,251 per BTC. rational Hashrate rate Efficiency FY25 [>] As
Slide 5: EH/s of Deployed Computing Power
50 EH/s of Deployed Computing Power CANGO East Africa Oman Paraguay «7% of total deplc ° 1% o' 11.6% of total deployed 8.8% of total deployed rate jashrate B hashrate ~573 ° aK Average Bitcoin Produced In 4 Geographies per Month in Q4 2025 WR 50EH/s_ [- sp 89.2% - © _ beployed Hashrate Average Opera
Slide 6: Total Hashrate and Operating Hashrate by Month
60 1 50 50 50 50 50 50 50 44.8 46.1 40 43.7 44.4 43.4 40.9 32 32 32 32 32 32 32 30.4 2 29.8 30.1 29.7 30.3 29.9 29.9 28.8 20 0 Nov.2024 Dec.2024 Jan.2025 Feb.2025 Mar.2025 Apr.2025 May 2025 Jun.2025 Jul.2025 Aug.2025 Sep.2025 Oct.2025 Nov. 2025 Dec. 2025 Total Hashrate Operating Hashrate 5
Slide 7: Monthly Bitcoin Production
20.0 18.7 17.9 17.5 15.9 16.2 2 15.9 15.7 15.0 15.2 15.0 13.7 12.7 13.1 13.1 12.3 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 Oct-25 Nov-25 Dec-25 6
Slide 8: Financial Resilience
Financial Resilience CANGO $ in millions, unaudited Q4 2024 Q4 2025 Total Revenues 89.9 179.5 Bitcoin mining income 89.9 172.4 CesrofRavenue inclcing 751 193.4 iesomyraecranassot ag m4 Loss from Operations (0.7) (276.6) General and Administrative 14 9.9 ees 24 (2850) Add: Adjust Items - 128.7 Adjust
Slide 9: Bitcoin Holdings Over Time
7,528.4 7,474.6 5,810.0 3,879.2 2,474.8 3,313.4 933.8 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Jan. 2026 Feb. 2026 8
Slide 10: Laying the Foundation for AI Transformation
Laying the Foundation for Al Transformation CANGO Strategic Acqui: Mining Facility © and 20 MW for hosting services. + Diversify revenue streams expertise ion of First Optimizing Operations, Balance Sheet, and Governance Structure + Begin developing in-house operational In August, Cango acquired a 5
Slide 11: Established EcoHash: AI and High-Performance Computing Infrastructure
Established EcoHash: AI and High-Performance Computing Infrastructure ? What Target Infrastructure Strategic EcoHash Is Customers Advantage Value • Dedicated HPC and AI • AI developers seeking • Built on Cango’s global • Addresses the growing inference subsidiary of low-latency, near-source energy f
Slide 12: 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 13: Thank You