Cango stock drops ~21% after $81.6M quarterly loss as miner shrinks its fleet

Shares of NYSE-listed bitcoin miner Cango (CANG) fell more than 21% on Tuesday, September 1, to around $1.89, after the company reported an $81.6 million net loss for the second quarter, according to The Block, which cited Cango's earnings figures.

The loss came as Cango deliberately scaled down. Total revenue was $50.8 million, down roughly 50% from the first quarter, with $47.4 million of that coming from bitcoin mining. The company attributed the drop to an effort to "right-size" operations — phasing out older Bitmain S19 rigs and moving some capacity to a hosted leasing model.

Cango's operating hashrate stood at 27.58 EH/s as of June 30: 19.94 EH/s self-mining and 7.74 EH/s leased. It mined 656 BTC in the quarter and held 1,065 BTC at quarter-end, which The Block valued at roughly $82.8 million. The company said its leaner fleet cut its average cash cost per mined bitcoin by about 5% versus Q1, to around $73,313, and that it has begun hedging bitcoin exposure as a volatility buffer.

The stated pivot is toward AI infrastructure. Cango is converting its Georgia mining site to GPU computing, with capacity of up to 3 MW and related revenue expected to begin in the third quarter. CEO Paul Yu said the company is focused on "unit economics rather than scale" in its legacy mining business.

Key facts

• Q2 net loss: $81.6 million (per Cango earnings, via The Block).
• Total revenue: $50.8 million, down ~50% from Q1; $47.4 million from mining (The Block).
• Share move: CANG down ~21%, trading near $1.89 on Sept. 1 (The Block).
• Hashrate: 27.58 EH/s (19.94 self-mining + 7.74 leased) as of June 30 (The Block).
• Production/holdings: 656 BTC mined in Q2; 1,065 BTC held (~$82.8M) (The Block).
• Cash cost per BTC: ~$73,313, down ~5% from Q1 (The Block).
• AI move: Georgia site converting to GPU compute, up to 3 MW, revenue expected in Q3 (The Block).

The real-world read

Note the framing gap. Cango is presenting a large loss and a halved top line as discipline — "right-sizing," "unit economics rather than scale." That's the company's own characterization of numbers that, on their face, show shrinking revenue and an eight-figure quarterly loss. Both readings can be true, but the language is the CEO's, and it does the work of turning contraction into strategy.

Two things worth watching. First, the "cash cost per bitcoin" of ~$73,313 is a cash figure — it excludes the depreciation, impairments and other non-cash items that help produce an $81.6M net loss, so it flatters the economics. Second, the AI pivot is so far a 3 MW site conversion with revenue that hasn't started; treat it as a plan, not a business line, until Q3 numbers land.

One transparency note: this account rests on a single secondary source, The Block, whose majority investor is Foresight Ventures, a crypto investor — the outlet says it operates independently. Cango's own filing and detailed statements weren't independently reviewed here.

Opinion, and whose

• CEO Paul Yu frames the smaller fleet as prioritizing "unit economics rather than scale" — the company's characterization of its own results.
• Cango's expectation that GPU revenue starts in Q3 is a company projection, not a reported result.

Sources

• The Block (Tier 2, secondary), Sept. 1, 2026 — reported the share drop, Q2 loss, revenue, hashrate, production, holdings, cash cost, hedging and AI-site conversion, citing Cango's earnings and CEO comments. The Block discloses that Foresight Ventures is its majority investor. Not sponsored or marketing, but single-source for this item.

This is news, not investment advice.