Cango Inc. Releases Letter to Shareholders

HONG KONG, Nov. 6, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) today released a letter to shareholders at the one-year milestone of its bold transformation to a robust Bitcoin mining ￰1￱ Paul Yu reflected on this milestone, emphasizing Cango's vision to deliver energy-secured HPC ￰2￱ journey began in November 2024 with Bitcoin mining as a practical entry point to secure energy access, build operational expertise, and create flexible sites for long-term ￰3￱ just eight months, Cango scaled to a 50 EH/s global platform by acquiring 32 EH/s of on-rack mining machines in November 2024, followed by 18 EH/s in June ￰4￱ company divested its China-based assets by May 2025, redirecting resources to its mining operations.

A new Board and management team with expertise in digital assets, finance, and energy was onboarded to guide this ambitious ￰5￱ financial impact was ￰6￱ Q2 2025, Cango reported US$139.8 million in revenue, US$99.1 million in adjusted EBITDA , and US$117.8 million in cash equivalents, driven by an asset-light model focused on operational ￰7￱ established a new, highly competitive core business, and a scaled global footprint across the U. S., Oman, Ethiopia, and ￰8￱ year's momentum continued with key ￰9￱ August 2025, Cango acquired a 50 MW facility in Georgia for US$19.5 million, strengthening operational control and securing better power ￰10￱ efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL ￰11￱ enhance capital structure, Cango will transition to a direct NYSE listing on November 17, ￰12￱ ahead, Paul shared that Cango's Bitcoin mining foundation will fuel a dual-track expansion into energy and ￰13￱ company plans disciplined, phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH/s of capacity.

"We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. " Paul said. "With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners." View original content: ￰0￱ Investor Relations Contact Juliet YE, Head of Communications Cango Inc. Email: ir@cangoonline. com Disclaimer: This is a sponsored press release and is for informational purposes ￰14￱ does not reflect the views of Bitzo, nor is it intended to be used as legal, tax, investment, or financial advice.