Conferencia de resultados del T2 de 2026 de Cango (CANG): reinicio de la minería e ingresos por IA del T3

Conclusiones clave

• Cango Inc. registró unos ingresos en el 2T 2026 de 50,8 millones de dólares, lo que supone un descenso de aproximadamente el 50% respecto al 1T, a medida que la empresa redujo su tasa de hash operativa y trasladó parte de su capacidad de minería a un modelo de arrendamiento.
• La minería de Bitcoin generó 47,4 millones de dólares en ingresos. Cango minó 656 Bitcoins a un coste en efectivo promedio de 73.313 dólares por moneda, lo que representa una caída secuencial de alrededor del 5%, y un coste total de 98.405 dólares por moneda.
• La pérdida neta de las operaciones continuadas fue de 81,6 millones de dólares. El resultado incluyó 42,9 millones de dólares en cargos por deterioro de máquinas de minería y una pérdida por enajenación de 8,5 millones de dólares, ambos vinculados a la reestructuración de la base de activos de minería.
• La tasa de hash operativa se situó en 27,58 EH/s a 30 de junio, compuesta por 19,84 EH/s de capacidad de autominería y 7,74 EH/s de capacidad arrendada.
• Tras el cierre del trimestre, Cango completó la infraestructura en su instalación de Georgia LN, capaz de respaldar hasta 3 megavatios para operaciones de IA, y firmó su primer contrato con un cliente de IA. La dirección prevé que en el 3T 2026 comiencen a generarse ingresos modestos vinculados a la IA.
• Cango comenzó a implementar un programa de cobertura de Bitcoin durante el 2T. La dirección lo caracterizó como una herramienta de gestión de riesgos destinada a reducir la sensibilidad del flujo de caja a los movimientos del precio de Bitcoin, y no como un posicionamiento especulativo.

Datos financieros clave

Rendimiento empresarial y operativo

Cango continuó retirando máquinas de minería heredadas de menor eficiencia y priorizando la rentabilidad unitaria sobre la escala. La estructura de arrendamiento transfiere los costes operativos directos asociados a la tasa de hash arrendada al arrendatario, lo que reduce la exposición de Cango a los gastos variables.

La menor capacidad de autominería y el traslado de parte de la capacidad al arrendamiento redujeron la producción de Bitcoin de forma secuencial. Sin embargo, los menores gastos de electricidad y alojamiento redujeron el coste de los ingresos a 50,7 millones de dólares desde los 99,6 millones del primer trimestre.

La dirección señaló que la mayoría de las máquinas de minería se alojan en instalaciones de terceros. Algunos contratos de alojamiento incluyen mecanismos que reducen los precios de la energía cuando disminuye el precio de Bitcoin, lo que proporciona cierta protección de costes a la baja. Los costes de minería en efectivo también cayeron mes a mes durante el segundo trimestre.

Entre las máquinas de autominería operativas montadas en bastidores, excluyendo la capacidad arrendada, algo más de un tercio eran unidades de la serie S21. Cango planea seguir retirando gradualmente la capacidad heredada menos eficiente.

El negocio de infraestructura de IA de Cango avanzó después del 30 de junio y, por lo tanto, no contribuyó a los ingresos del segundo trimestre. La infraestructura de IA de la instalación de Georgia LN se completó a principios de julio con capacidad para respaldar hasta 3 megavatios. La instalación de contenedores y las entregas graduales de GPUs estaban en marcha en el momento de la teleconferencia.

La empresa firmó su primer contrato con un cliente de IA tras el cierre del trimestre. Su modelo previsto incluye alojamiento de GPUs en servidor físico (bare-metal) y coubicación, aunque no se había firmado ningún contrato formal de coubicación. Cango también cuenta con nodos de prueba en Texas y en la Costa Oeste, y está evaluando ubicaciones adicionales.

Perspectivas de la dirección

La dirección prevé que el reconocimiento de ingresos relacionados con la IA comience en el tercer trimestre de 2026. Se espera que la contribución inicial sea modesta, mientras las conversaciones con los clientes siguen su curso.

Cango prevé que la tasa de hash operativa y el saldo de máquinas de minería se mantengan ampliamente estables durante el tercer trimestre. Sin embargo, la dirección señaló que los recortes de energía regionales durante julio y agosto podrían afectar a las operaciones.

Para la segunda mitad de 2026, las prioridades de la dirección son optimizar la combinación de autominería y tasa de hash arrendada, ejecutar el despliegue de IA, incorporar clientes y evaluar una mayor expansión de instalaciones mientras mantiene la disciplina de capital.

Riesgos y factores a vigilar

• La volatilidad del precio de Bitcoin sigue siendo un riesgo directo para los flujos de caja de la minería. El programa de cobertura de Cango está destinado a reducir, más que a eliminar, esa exposición.
• El coste total de minería (all-in) del segundo trimestre, de 98.405 dólares por Bitcoin, se mantuvo por encima del coste en efectivo reportado debido a que incluyó la depreciación de las máquinas de minería.
• La continua retirada de máquinas más antiguas podría generar efectos de reestructuración adicionales, mientras que las pérdidas por deterioro y enajenación del segundo trimestre ya sumaron aproximadamente 51 millones de dólares.
• Los recortes de energía en verano pueden afectar a la actividad de minería del tercer trimestre, incluso si la tasa de hash operativa instalada se mantiene estable.
• La comercialización de la IA se encuentra en una etapa inicial. Los ingresos iniciales contratados son reducidos y no se había cerrado ningún acuerdo formal de coubicación en el momento de la teleconferencia.

Puntos destacados de la sesión de preguntas y respuestas con analistas

La dirección explicó que la cobertura de Bitcoin está estructurada como un préstamo a corto plazo denominado en BTC. El saldo al cierre del trimestre era de aproximadamente 8 millones de dólares, registrándose un activo corriente aproximadamente equivalente. Cango vende el Bitcoin tomado en préstamo al precio al contado el primer día y puede liquidar el préstamo utilizando Bitcoin minado posteriormente si los precios caen. El tamaño de la posición generalmente se basa en uno o dos meses de producción.

Con respecto a las operaciones de minería del tercer trimestre, la dirección afirmó que la tasa de hash y la tenencia de máquinas de minería no deberían cambiar significativamente, sujetas a posibles recortes de energía durante el verano. Las negociaciones de contratos de alojamiento y los mecanismos de ajuste del precio de la energía vinculados a Bitcoin podrían aportar una mayor flexibilidad de costes.

En cuanto a la capacidad de IA, la dirección señaló que el objetivo a corto plazo es la instalación propia de 50 megavatios en Georgia LN. También se han instalado pequeños nodos de prueba en ubicaciones de socios, pero la dirección no cuantificó cuánta infraestructura de minería podría convertirse para uso de IA en los próximos tres años.

Transcripción completa de la teleconferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good day, and welcome to the Cango Inc. Second Quarter 2026 Earnings Conference Call.

[Operator Instructions]

Please note today's event is being recorded. I'd now like to turn the conference over to Paul Yu, CEO. Please go ahead.

Peng Yu

Thank you. Hello, everyone, and thank you for joining Cango's Second Quarter 2026 Earnings Call. Let me start with a quick overview of the quarter. On the mining side, we deliberately scaled back operations as planned. That's reflected our second quarter results. On the AI side, since the end of the second quarter, we have made real progress on infrastructure and signed our first customer contract, moving that business from build-out into commercialization. I will be clear that these AI developments occurred after June 30 and are not reflected in this quarter's reported results.

In terms of the numbers, total revenue for the quarter was approximately $50.8 million with about $47.4 million coming from Bitcoin mining. Net loss was approximately $81.6 million, mainly driven by noncash impairment and disposal losses on our mining machines, a direct result of the deliberate restructuring of our asset base. As of June 30, we held 1,056 Bitcoins. In addition, our cash, cash equivalents and cryptocurrencies totaled approximately $23 million, while long-term debt was approximately $31.2 million.

Now let me walk through the mining business and AI infrastructure business in more detail. This quarter, we continued to actively rightsize our mining operations, disposing of machines with lower marginal efficiency and introduced a leasing model to shift our focus from scale to economics. As of June 30, our self-mining hashrate was 19.84 exahashes per second, and our lease hashrate was 7.74 exahashes per second for a combined operating hashrate of 27.58 exahashes per second. Under the leasing arrangement, the lessee bears the direct operating costs associated with the hashrate, which also reduces our exposure to variable costs. We mined 656 Bitcoins this quarter.

Production was down sequentially, largely reflecting the deliberate reduction in self-mining capacity and shift of some capacity into leasing. We will continue to evaluate the mix between self-mining and leasing based on economics rather than scale. We will keep phasing out less efficient legacy capacity. This quarter, we also began implementing a hedging arrangement to manage our exposure to Bitcoin price volatility, thus enhancing the predictability of our operating cash flows. Our average cash mining cost in Q2 was $73,313 per coin, down about 5% from Q1.

Now let's turn into AI infrastructure. A quick on timing, everything I'm about to cover took place after June 30 since the start of the third quarter. So it isn't reflected in the quarter's financial results, but we want to share it with you. On infrastructure, construction at our Georgia LN site was completed in early July with the site infrastructure able to support up to 3 megawatts, leaving room for future expansion. Container units have arrived on site and are being installed and GPUs are arriving on site in batches. On the customer side, since the start of the third quarter, we've signed a customer contract and discussion with prospective customers are ongoing. That takes our AI business from technical validation into commercial monetization. This is a development since quarter end. Contracted revenue is still small, and we expect to begin recognizing related revenue in the third quarter.

On the business model, we expected to pursue both bare-metal GPU hosting using our existing site and power infrastructure to offer a standardized deployment environment and colocation intended to improve overall infrastructure utilization. We haven't signed a formal colocation contract yet and terms are still being worked out. We also have test nodes in Texas and on the West Coast, mainly to support customers who need deployment closer to their location in the future. We are evaluating several potential new sites as well, and we haven't ruled out building our own. We will continue to run mining and AI as parallel businesses.

Looking into the second half, our priority are managing the mix of self-mining and lease hashrate prudently, executing our AI deployment and continuing to sign new customers and building on the operating experience from Georgia as we evaluate further site expansion. Capital discipline and operating efficiency remain our priorities.

That concludes my remarks. I will now turn it over to our CFO, Simon, for a detailed review of the financials. Thank you.

Ming Yeung Tang

Thanks, Paul. Hi, good morning. Hi, everyone, and welcome to our second quarter 2026 earnings call. Before I start to review our financials, please note that unless otherwise stated, all amounts discussed are in U.S. dollars.

Total revenues were $50.8 million. Revenue during the quarter from the Bitcoin mining business was $47.4 million with a total of 656 Bitcoins mined during the period. The average cost to mine Bitcoin, excluding depreciation of mining machines, was $73,313 per Bitcoin and all-in cost of $98,405 per Bitcoin. Compared to the first quarter of 2026, total revenue decreased by approximately 50%. This decline primarily reflects our proactive reduction in operational hashrate as we continued to selectively phase out older, less efficient S19 series mining machines and temporarily transitioned some capacity to a hosted leasing model. While this adjustment has reduced our top line mining revenue, it has also significantly lowered our operating costs and improved our cash flow profile. And some of these efforts continued throughout the second quarter.

Now let's move on to our cost and expenses. Cost of revenue, exclusive of depreciation was $50.7 million, down from $99.6 million in the first quarter, driven by lower electricity and hosting expenses following the hashrate reduction. Depreciation was $16.9 million, down from $29.4 million in the first quarter. General and administrative expenses, including related party fees, totaled $8.4 million. Impairment loss from mining machines in the second quarter was $42.9 million and loss on disposal of mining machines in the second quarter was $8.5 million. Loss from changes in the fair value of crypto assets was $4.1 million compared with a loss of $151.8 million in the first quarter.

The change was primarily driven by 2 factors: the decrease in Bitcoin prices as of June 30, and this was partially offset by the implementation of our hedging program. As Paul mentioned earlier, we began implementing a Bitcoin hedging program during the second quarter. The purpose of this program is to manage our exposure to Bitcoin price volatility and provide greater predictability to our operating cash flow. We intend to selectively continue to use hedging as a risk management tool, and this is not for speculative purposes. The related short-term positions are reflected on our balance sheet and will be reflected as we continue to execute this program in a disciplined manner.

Operating loss for the quarter was $80.6 million with a net loss from continuing operations of $81.6 million in the second quarter. The net loss was primarily driven by the noncash impairment and disposal losses I just mentioned, which together totaled approximately $51 million. On a non-GAAP basis, adjusted EBITDA was a loss of $10.7 million, including a $4.1 million loss from the changes in the fair value of the receivables for the Bitcoin collateral.

Lastly, moving on to our balance sheet. As of June 30, we had cash and cash equivalents of $10.1 million compared with $7.2 million as of March 31. At the same time, our balance sheet also has Bitcoins in the number of 1,056 Bitcoins held in treasury. In terms of operational assets, we carry our mining machines at a net value of $58.7 million after depreciation. On the liability side, we had $31.2 million in long-term debt compared with $30.6 million as of March 31.

And this concludes our prepared remarks. Operator, we are now ready to take questions.

Operator

[Operator Instructions]

And today's first question comes from Pingyue Wu with Citic Securities.

Preguntas y respuestas

Pingyue Wu

I have 3 questions. First, can management provide more color on the Bitcoin hedging program in terms of overall notional size, instrument structure and duration? And additionally, could you clarify whether this is risk mitigating or it involves any directional positioning?

And my second question is regarding the AI infrastructure progress you highlighted such as the Georgia site completion and container deployment. We think it is a milestone occurred towards the second quarter? And what is the rationale for including them now? And more importantly, could we incorporate this development as material increase in our third quarter financial models?

And my third question is regarding the newly signed customer contracts. Could you provide some visibility into the anticipated revenue contribution and time line for top line recognition?

Ming Yeung Tang

Thanks, Pingyue. It's Simon here. Why don't I take the first question and then Paul can address your second and third questions with regards to the AI progress. In terms of the hedging program, it's structured as a short-term loan denominated in BTC. So that is reflected in our balance sheet under short-term debt, which as of quarter end was around USD 8 million. And at the same time, there is a roughly equivalent amount recorded under current asset as well. So this short-term loan in BTC is led to us on day 1 and then which we typically size based on the scale of our Bitcoin mining production. For example, we might want to think about, okay, we'll do 1 month of production or 2 months of production. So that's the way we think about this.

And then this loan in BTC is sold at spot price on day 1. So if in the coming months, if Bitcoin prices fall below that, then we'll choose to repay in the BTC that is mined out of our mining operations. So I hope that illustratively addresses your question with regards to the -- how we think about the sizing and the structure. And again, I would like to emphasize that we purely think of this as a risk management tool and the purpose is really just to reduce the sensitivity of our cash flow to the Bitcoin price ranges. And then with that, I'll pass it to Paul for the second and third question.

Peng Yu

Sure, sure. Thank you. We wanted to give you the most current picture of where the AI business stands. Even though this development fall after June 30 cutoff, we are not reflected in this quarter's revenue and only a small amount of property-related costs have been capitalized in Q2. The amount is immaterial. We expect the related revenue to start showing up in our third quarter numbers, which we will report in the normal course. And that means we expect to begin recognizing AI-related revenue in the third quarter. The initial contribution will be modest, but it provides initial validation of the commercial viability of our AI infrastructure strategy and establishes an operating track record we can build on. Thank you.

Operator

[Operator Instructions]

Our next question today comes from Sid Rajeev with Fundamental Research Corp.

Siddharth Rajeev

Should we expect Q3 mining revenue to stabilize at current levels or anticipate further hashrate reductions?

Ming Yeung Tang

Sid, thank you for your question. In terms of the operational hashrate and the mining machines that we have on our balance sheet, in the third quarter, it would not change significantly -- it will not change significantly. But again, given the third quarter includes the summer months of July and August, whereby we may experience some regional power curtailment.

Siddharth Rajeev

Got it. Maybe you could provide some color on roughly how much of the current hashrate is from S19 versus newer generation machines?

Ming Yeung Tang

This percentage is increasing. In terms of the mix between the 19s and the 21s, I would say -- and this is purely the amount that is operational that is on rack and excluding -- let me think about how to address this. Excluding the part that is leased, the split is roughly a little bit above 1/3 in the 21 series.

Siddharth Rajeev

Got it. Are you able to talk about your cash costs? Can you further cut costs? Because I see you did have cost reductions in the quarter. So how about Q3, how should we look at it?

Ming Yeung Tang

Yes. Sid, and I think that is a great question. And the reason that in the second quarter, the cost continued to optimize. There were 2 reasons. One reason was that we were -- we continue to negotiate with our hosted sites because as you remember, most of our sites are externally hosted instead of our self-owned mining sites. Our own self-owned mining site is just a 50-megawatt site in the state of Georgia in LN. And the rest of our mining machines are hosted externally with third parties. So we continue to negotiate contracts with them.

And a lot of these contracts have a power price reduction mechanism, whereby the power prices would decrease in an environment where Bitcoin prices are decreasing as well. So if we were to look at the cash cost on a month-by-month basis between each month of the second quarter, the cash cost was on a downward trend. So this is, in a way, is a price reduction mechanism to give us a little bit more downside protection.

Siddharth Rajeev

Got it. If I may, one more question. This is slightly more long term. How much of your existing, say, mining infrastructure or power capacity could realistically be converted to AI infrastructure over the next 3 years?

Ming Yeung Tang

We're starting in the U.S. at the moment. We're still more focused on our own 50-megawatt site right now, but we have started to install small test nodes in other sites. But these are sites that are not necessarily our own, but they could be with partner sites.

Operator

And that does conclude our question-and-answer session. I'd like to turn the conference back over to the management team for any closing remarks.

Ming Yeung Tang

Any other remarks? Thank you very much for dialing for our conference call. Thank you.

Operator

Thank you, sir. That does conclude our conference for today. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.