CanGu Mine Releases Q1 Financial Report: Total Revenue of $102 million, Stable Core Mining Cash Flow, EcoHash AI Hashpower Platform Launched

BlockBeats News, June 1st. U.S.-listed mining company Cango Inc. (NYSE: CANG) released its Q1 2026 financial report. In Q1 2026, Cango achieved total revenue of $102 million, with the Bitcoin mining business contributing $98.4 million. The company mined a total of 1,266 bitcoins this quarter. Actively deleveraging, the long-term debt was significantly reduced from $557.6 million at the end of 2025 to $30.6 million, a sharp 94.5% decrease, leading to a substantial optimization of the balance sheet. By the end of the quarter, the company held 1,026 bitcoins and received a $65 million capital injection from the Chairman to further enhance liquidity.

Despite recording a net loss of $261.1 million due to the impact of the Bitcoin price decline, primarily driven by non-cash impairments (fair value changes of $151.8 million for pledged receivables and $69.3 million for mining machine impairment losses), the core mining cash flow remained robust. The operating hash rate reached 37.01 EH/s (self-operated at 27.98 EH/s). The company continued to phase out inefficient S19 models and upgrade to the high-efficiency S21 devices, while transitioning some sites to revenue-sharing hosting, significantly reducing electricity costs and operational risks.

The highlight of this quarter was the official launch of the EcoHash AI computing platform, with the pilot deployment of modular containerized computing units, marking a significant step in the company's strategic transformation from Bitcoin mining to an AI hash rate network. The future focus will be on strengthening the mining cash flow foundation and, leveraging the strategic partnership with DL Group, gradually building a global AI hash rate ecosystem.