Cango Inc. (CANG, Financial) has announced its financial results for the fourth quarter and full year of 2024. The company's Q4 total revenue soared to RMB 668 million, a significant jump from RMB 130.2 million in the same period last year, marking a 413% increase. This surge is primarily attributed to the launch of its Bitcoin mining business in November 2024, which generated RMB 653 million in revenue during the quarter. Net profit reached RMB 55.9 million, a turnaround from a net loss of RMB 103.8 million in the previous year. Earnings per ADS were RMB 0.54 and RMB 0.48 on a basic and diluted basis, respectively.
During Q4, Cango mined a total of 933.8 Bitcoins, with an average mining cost of $67,769.9 per Bitcoin, excluding mining machine depreciation. As of December 31, 2024, the total outstanding balance of financing transactions facilitated by the company was RMB 3.9 billion. The M1+ and M3+ overdue rates for all outstanding financing transactions were 3.24% and 1.78%, respectively. The total balance of cash, cash equivalents, and short-term investments stood at RMB 2.5 billion.
For the full year, Cango reported revenue of RMB 804.5 million, down from RMB 1.7 billion the previous year. Net profit was RMB 299.8 million, compared to a net loss of RMB 37.9 million in the prior year.
CEO Jiayuan Lin highlighted the strategic expansion into the cryptocurrency sector, noting the acquisition of Bitcoin mining machines with a total capacity of 50 EH for $400 million. By mid-November, Cango had deployed 32 EH of capacity, positioning it as the third-largest Bitcoin miner globally. Lin emphasized the company's focus on the "energy + computing power" strategy and its commitment to the used car export business, aiming to become a leading asset-light platform in China.
Cango plans to significantly increase its hash rate in the coming months, targeting a deployment of around 50 EH by the end of the current quarter. Following the earnings release, Cango's stock price rose nearly 4% in after-hours trading.
