Cango Inc. (CANG) Q1 2026 Earnings Call

Investor webinar replay

Watch the replay and follow the connected company analysis, news, and investor updates for Cango Inc..

Watch the replay

Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.197 Hello and welcome to the CanGo Inc. First Quarter 2026 Earnings 00:00:05.197 -- 00:00:09.062 Conference Call. All participants will be in a listen-only mode. 00:00:09.062 -- 00:00:12.846 Should you need assistance, please signal a conference specialist by pressing the star 00:00:12.846 -- 00:00:17.692 key followed by zero. After today's presentation, there will be an opportunity to ask 00:00:17.692 -- 00:00:21.436 questions. Please note this event is being recorded. 00:00:21.436 -- 00:00:23.679 I would now like to turn the conference over to Mr. 00:00:23.679 -- 00:00:28.362 Paul Yu, Chief Executive Officer. Please go ahead. 00:00:28.448 -- 00:00:33.756 Good morning everyone and thank you for joining Cango's first quarter 2026 00:00:33.756 -- 00:00:39.244 earnings call. First, I will summarize our key financials and operational 00:00:39.244 -- 00:00:44.532 performance for the quarter. The first quarter of 2026 was 00:00:44.532 -- 00:00:46.532 characterized 00:00:46.695 -- 00:00:52.063 by industry-wide adjustments and our results reflect this macro 00:00:52.063 -- 00:00:57.391 headwinds alongside our ongoing efforts to manage our strategic 00:00:57.391 -- 00:01:02.556 transition. During Q1, we generated total revenue of 00:01:02.556 -- 00:01:05.340 approximately $102 00:01:05.340 -- 00:01:11.890 million, primarily driven by revenue from our Bitcoin mining business. 00:01:11.890 -- 00:01:17.459 We reported a net loss from continuing operations of $261.1 00:01:17.459 -- 00:01:19.459 million, 00:01:20.263 -- 00:01:25.511 primarily due to non-cash impairment charges on Bitcoin mining 00:01:25.511 -- 00:01:31.225 machines and loss from changes in fair value of receivable 00:01:31.225 -- 00:01:36.511 for Bitcoin collateral, both resulting ...