Cango（CANG）2026年第2四半期決算説明会：マイニングのリセットと第3四半期AI売上高

要点

• Cango Inc.の2026年第2四半期の売上高は、稼働ハッシュレートを削減し、一部のマイニング容量をリースモデルに移行したことで、第1四半期から約50%減の5,080万ドルとなりました。
• ビットコインマイニングによる売上高は4,740万ドルでした。Cangoは656BTCのビットコインをマイニングし、1コインあたりの平均キャッシュコストは前四半期比で約5%減の7万3,313ドル、オールインコストは9万8,405ドルとなりました。
• 継続事業からの純損失は8,160万ドルとなりました。この結果には、マイニング資産の再編に伴うマイニングマシンの減損損失4,290万ドルおよび処分損失850万ドルが含まれています。
• 6月30日時点の稼働ハッシュレートは27.58 EH/sで、その内訳はセルフマイニング容量が19.84 EH/s、リース容量が7.74 EH/sとなっています。
• 四半期末以降、CangoはジョージアLN拠点においてAI運用向けに最大3メガワットをサポート可能なインフラを完成させ、初のAI顧客契約を締結しました。経営陣は、2026年第3四半期から控えめながらAI関連売上が発生し始めると見込んでいます。
• Cangoは第2四半期中にビットコインのヘッジプログラムの運用を開始しました。経営陣はこれを、投機的なポジション形成ではなく、ビットコイン価格の変動に対するキャッシュフローの感受性を低下させることを目的としたリスク管理ツールであると説明しています。

主要財務データ

事業および稼働実績

Cangoは効率の低い旧世代のマイニングマシンの削減を継続し、規模よりもユニットエコノミクス（単体経済性）を優先しました。リース構造により、リースしたハッシュレートに関連する直接的な稼働費用が賃借人に移転されるため、Cangoの変動費への露出が軽減されます。

セルフマイニング容量の低下および一部容量のリースへの移行により、ビットコインの生産量は前四半期比で減少しました。しかし、電気代およびホスティング費用の削減により、売上原価は第1四半期の9,960万ドルから5,070万ドルへと減少しました。

経営陣によると、大半のマイニングマシンはサードパーティの施設でホスティングされています。ホスティング契約の一部には、ビットコイン価格が下落した際に電力価格を引き下げるメカニズムが含まれており、一定の下振れコスト保護機能を提供しています。また、第2四半期中のキャッシュマイニングコストも月を追うごとに減少しました。

リース容量を除く、ラックに設置され稼働しているセルフマイニングマシンのうち、3分の1強がS21シリーズのユニットでした。Cangoは、効率の低い旧世代の容量を今後も段階的に廃止していく計画です。

CangoのAIインフラ事業は6月30日以降に進展したため、第2四半期の売上高には寄与しませんでした。ジョージアLN拠点のAIインフラは7月初旬に完成し、最大3メガワットをサポートする容量を備えています。決算説明会の時点では、コンテナの設置とGPUの段階的な納入が進行中でした。

同社は四半期末以降に初のAI顧客契約を締結しました。計画中のモデルにはベアメタルGPUホスティングおよびコロケーションが含まれていますが、正式なコロケーション契約はまだ締結されていません。また、Cangoはテキサス州および西海岸にテストノードを保有しており、追加拠点の検討を進めています。

経営陣の見通し

経営陣は、2026年第3四半期にAI関連売上の計上が始まると見込んでいます。顧客との協議が継続するなか、初期の収益寄与は控えめな規模になると予想されています。

Cangoは、第3四半期中の稼働ハッシュレートおよびマイニングマシン残高はおおむね安定して推移すると予想しています。ただし、経営陣は7月および8月の地域的な電力抑制（カーテルメント）が稼働に影響を与える可能性があると指摘しました。

2026年下半期の経営陣の優先事項は、セルフマイニングとリースハッシュレートの構成の最適化、AI展開の実行、顧客の獲得、ならびに資本規律を維持しながらのさらなる拠点拡張の評価です。

リスクおよび注視すべき点

• ビットコイン価格の変動は、引き続きマイニングのキャッシュフローに対する直接的なリスクとなります。Cangoのヘッジプログラムはそのリスク露出を除去するのではなく、軽減することを目的としています。
• 第2四半期のビットコイン1コインあたりのオールインマイニングコスト（9万8,405ドル）にはマイニングマシンの減価償却費が含まれているため、報告されたキャッシュコストを上回った状態が続いています。
• 旧型マシンの引退継続は追加の再編影響をもたらす可能性があり、第2四半期の減損損失および処分損失はすでに合計で約5,100万ドルに達しています。
• 夏季の電力抑制（カーテルメント）は、設置済みの稼働ハッシュレートが安定していても、第3四半期のマイニング活動に影響を与える可能性があります。
• AIの商業化は初期段階にあります。契約済みの初期売上高は少なく、決算説明会の時点では正式なコロケーション契約は締結されていませんでした。

アナリスト質疑応答のハイライト

経営陣は、ビットコインヘッジがBTC建ての短期借入として構築されていると説明しました。四半期末時点の残高は約800万ドルで、ほぼ同額の流動資産が計上されています。Cangoは借り入れたビットコインを初日にスポット価格で売却し、価格が下落した場合はその後にマイニングしたビットコインを使ってローンを返済することができます。ポジション規模は通常、1〜2ヶ月分の生産量に基づいています。

第3四半期のマイニング事業について、経営陣は夏季の電力抑制の影響を受ける可能性があるものの、ハッシュレートと保有マイニングマシンに大きな変化はないと述べました。ホスティング契約の交渉やビットコイン価格に連動した電力価格調整メカニズムにより、さらなるコストの柔軟性が得られる可能性があります。

AI容量に関して、経営陣は短期的な焦点を自社の50メガワット規模のジョージアLN拠点に置いていると述べました。パートナー企業に小規模なテストノードも設置されていますが、今後3年間でどれだけのマイニングインフラをAI用途に転換できるかについて、経営陣は具体的な数字を示しませんでした。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.