Cango Inc. (CANG) Q2 2026 Earnings Call Transcript

SA Transcripts 162.06K Followers Follow Cango Inc. ( CANG ) Q2 2026 Earnings Call August 31, 2026 9:00 PM EDT Company Participants Peng Yu - CEO & Director Ming Yeung Tang - CFO & Director Conference Call Participants Pingyue Wu - Citic Securities Co., Ltd., Research Division Siddharth Rajeev - Fundamental Research Corp. Presentation Operator Good day, and welcome to the Cango Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I'd now like to turn the conference over to Paul Yu, CEO. Please go ahead. Peng Yu CEO & Director Thank you. Hello, everyone, and thank you for joining Cango's Second Quarter 2026 Earnings Call. Let me start with a quick overview of the quarter. On the mining side, we deliberately scaled back operations as planned. That's reflected our second quarter results. On the AI side, since the end of the second quarter, we have made real progress on infrastructure and signed our first customer contract, moving that business from build-out into commercialization. I will be clear that these AI developments occurred after June 30 and are not reflected in this quarter's reported results. In terms of the numbers, total revenue for the quarter was approximately $50.8 million with about $47.4 million coming from Bitcoin mining. Net loss was approximately $81.6 million, mainly driven by noncash impairment and disposal losses on our mining machines, a direct result of the deliberate restructuring of our asset base. As of June 30, we held 1,056 Bitcoins. In addition, our cash, cash equivalents and cryptocurrencies totaled approximately $23 million, while long-term debt was approximately $31.2 million. Now let me walk through the mining business and AI infrastructure business in more detail. This quarter, we continued to actively rightsize our mining operations, disposing of machines with lower marginal efficiency and introduced a leasing model to shift our