SHANGHAI, May 14, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its unaudited financial results for the first quarter of 2025.

First Quarter 2025 Financial and Operational Highlights

Total revenues were RMB1.1 billion (US$145.2 million), a significant increase from RMB64.4 million in the same period of 2024. This surge was primarily attributable to our Bitcoin mining business, which generated revenues of RMB1.0 billion (US$144.2 million) in the quarter.A total of 1,541 Bitcoins were mined during the quarter. The average cost to mine Bitcoin, excluding depreciation of mining machines, was US$70,602.1 per Bitcoin in the quarter.Adjusted EBITDA was RMB27.6 million (US$3.8 million) in the first quarter of 2025.The total balance of cash and cash equivalents and short-term investments was RMB2.5 billion (US$347.4 million) as of March 31, 2025.The total outstanding balance of financing transactions the Company facilitated was RMB2.6 billion (US$358.4 million) as of March 31, 2025. Our credit risk exposure has decreased, with only RMB762.4 million (US$105.1 million) of outstanding loan balances where the Company bears credit risks that have not been provided with full bad debt allowance or full risk assurance liabilities. M1+ and M3+ overdue ratios for all outstanding financing transactions facilitated by the Company that have not been provided with full bad debt allowance or full risk assurance liabilities were 2.86% and 1.59%, respectively, as of March 31, 2025, compared with 3.24% and 1.78%, respectively, as of December 31, 2024.