Svmuu News Cango released its Q4 and full-year financial results for fiscal year 2025. Total annual revenue reached $688 million, with 6,594.6 Bitcoin produced, achieving positive EBITDA for the year. Q4 total revenue was $179 million, producing 1,718.3 Bitcoin, with an annual average effective hash rate of 90.3%. The net loss reported was primarily due to a one-time book loss from the divestiture of its China business and a loss from the revaluation of equity acquisition consideration caused by the rise in stock price.
Regarding the balance sheet, the company sold 4,451 Bitcoin in February, using approximately $305 million in proceeds to repay Bitcoin-collateralized loans to reduce financial leverage. The company recently expects to receive approximately $75.5 million in new capital injections, including a $10.5 million capital increase from shareholders and a $65 million capital increase from the company's Chairman and a Director.
In terms of AI business, Cango has established a wholly-owned subsidiary, EcoHash Technology LLC, in Dallas, Texas, focusing on high-performance computing and AI inference services. Former Zoom infrastructure head Jack Jin has joined as the CTO of the AI business. The company's containerized modular GPU computing units are now in the deliverable stage, and the demo project has achieved break-even.