Cango Inc. (CANG) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the CanGo Inc. First Quarter 2026 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr. Paul Yu, Chief Executive Officer. Please go ahead. Good morning everyone and thank you for joining Cango's first quarter 2026 earnings call. First, I will summarize our key financials and operational performance for the quarter. The first quarter of 2026 was characterized by industry-wide adjustments and our results reflect this macro headwinds alongside our ongoing efforts to manage our strategic transition. During Q1, we generated total revenue of approximately $102 million, primarily driven by revenue from our Bitcoin mining business. We reported a net loss from continuing operations of $261.1 million, primarily due to non-cash impairment charges on Bitcoin mining machines and loss from changes in fair value of receivable for Bitcoin collateral, both resulting from the decline in Bitcoin market price. By the end of the quarter, we held 1,025.7 Bitcoin and we reduced our long-term debt to $30.6 million. As of March 31st, 2026, Tango's total operational hash rate was 37.01 exahash per second, comprising 27.98 exahashes per second of self-mining capacity and 9.02 exahashes per second of hosted hash rate. This operational model prioritizes margin resilience over skill In Q1, we mined 1,266 Bitcoin. Through disciplined cost management, our average cash cost per Bitcoin mined was $76,928, showing a 9% decrease from Q4 2025. These figures reflect our continuous focus on p...