캉구(CANG) 2026년 2분기 실적 발표 컨퍼런스 콜: 채굴 리셋 및 3분기 AI 매출

핵심 요약

• 캉고(Cango Inc.)는 운영 해시레이트를 줄이고 일부 채굴 용량을 리스 모델로 전환함에 따라 2026년 2분기 매출이 1분기 대비 약 50% 감소한 5,080만 달러를 기록했다고 발표했습니다.
• 비트코인 채굴 매출은 4,740만 달러를 기록했습니다. 캉고는 656개의 비트코인을 채굴했으며, 코인당 평균 현금 비용은 전분기 대비 약 5% 감소한 73,313달러, 올인(all-in) 비용은 코인당 98,405달러였습니다.
• 계속영업순손실은 8,160만 달러를 기록했습니다. 이번 실적에는 채굴 자산 기반 구조조정과 관련된 채굴기 손상차손 4,290만 달러와 처분손실 850만 달러가 포함되었습니다.
• 6월 30일 기준 운영 해시레이트는 27.58 EH/s로, 자체 채굴 용량 19.84 EH/s와 리스 용량 7.74 EH/s로 구성되었습니다.
• 분기말 이후 캉고는 조지아 LN 부지에 최대 3메가와트의 AI 연산을 지원할 수 있는 인프라 구축을 완료하고 첫 번째 AI 고객 계약을 체결했습니다. 경영진은 2026년 3분기부터 소규모 AI 관련 매출이 발생하기 시작할 것으로 예상하고 있습니다.
• 캉고는 2분기 중 비트코인 헤징 프로그램을 시행하기 시작했습니다. 경영진은 이를 투기적 포지션이 아니라 비트코인 가격 변동에 따른 현금흐름 변동성을 줄이기 위한 위험 관리 도구라고 설명했습니다.

주요 재무 데이터

사업 및 운영 실적

캉고는 효율성이 낮은 구형 채굴기를 지속적으로 제거하고 규모보다 단가 경제성(unit economics)을 우선시했습니다. 리스 구조는 리스된 해시레이트와 관련된 직접 운영 비용을 임차인에게 이전하여 캉고의 변동비 노출을 줄여줍니다.

자체 채굴 용량 감소와 일부 용량의 리스 전환으로 인해 전분기 대비 비트코인 생산량이 줄어들었습니다. 그러나 전력비 및 호스팅 비용 절감으로 매출원가는 1분기 9,960만 달러에서 5,070만 달러로 감소했습니다.

경영진은 대부분의 채굴기가 제3자 부지에 호스팅되어 있다고 밝혔습니다. 일부 호스팅 계약에는 비트코인 가격이 하락할 때 전력 단가를 낮추는 장치가 포함되어 있어 하방 비용 보호 효과를 제공합니다. 2분기 중 현금 채굴 비용도 월별로 감소했습니다.

리스 용량을 제외하고 작동 중인 렉(on-rack) 설치 자체 채굴기 중 3분의 1을 약간 상회하는 물량이 S21 시리즈 장비였습니다. 캉고는 효율성이 떨어지는 구형 용량을 지속적으로 퇴출할 계획입니다.

캉고의 AI 인프라 사업은 6월 30일 이후 진척되었으므로 2분기 매출에는 기여하지 않았습니다. 조지아 LN 부지의 AI 인프라는 7월 초에 완공되어 최대 3메가와트를 지원할 수 있는 용량을 갖췄습니다. 실적 발표 당시 컨테이너 설치와 단계적 GPU 인도가 진행 중이었습니다.

회사는 분기말 이후 첫 번째 AI 고객 계약을 체결했습니다. 계획된 사업 모델에는 베어메탈(bare-metal) GPU 호스팅 및 코로케이션이 포함되나, 공식 코로케이션 계약은 아직 체결되지 않았습니다. 캉고는 또한 텍사스와 서부 해안에 테스트 노드를 보유하고 있으며 추가 부지를 검토하고 있습니다.

경영진 전망

경영진은 2026년 3분기부터 AI 관련 매출 인식이 시작될 것으로 예상합니다. 고객과의 논의가 지속되는 가운데 초기 매출 기여도는 소규모일 것으로 전망됩니다.

캉고는 3분기 동안 운영 해시레이트와 채굴기 보유 잔고가 전반적으로 안정적인 수준을 유지할 것으로 예상합니다. 다만 경영진은 7월과 8월 동안의 지역적 전력 감축(curtailment) 정책이 운영에 영향을 미칠 수 있다고 언급했습니다.

2026년 하반기 경영진의 최우선 과제는 자본 규율을 유지하는 동시에 자체 채굴과 리스 해시레이트의 비중을 최적화하고, AI 구축을 실행하며, 고객을 확보하고 추가 부지 확장을 평가하는 것입니다.

리스크 및 관전 포인트

• 비트코인 가격 변동성은 채굴 현금흐름에 직접적인 위험으로 남아 있습니다. 캉고의 헤징 프로그램은 이러한 위험 노출을 완전히 제거하기보다는 줄이기 위한 목적입니다.
• 2분기 비트코인당 올인 채굴 비용은 98,405달러로 보고된 현금 비용을 상회했는데, 이는 채굴기 감가상각비가 포함되었기 때문입니다.
• 구형 장비의 지속적인 퇴출은 추가적인 구조조정 영향으로 이어질 수 있으며, 2분기 손상차손 및 처분손실은 이미 총 약 5,100만 달러에 달했습니다.
• 설치된 운영 해시레이트가 안정적으로 유지되더라도 여름철 전력 감축 정책이 3분기 채굴 활동에 영향을 줄 수 있습니다.
• AI 상업화는 초기 단계에 있습니다. 초기 계약 매출 규모가 작으며, 실적 발표 당시 공식 코로케이션 계약은 체결 완료되지 않았습니다.

애널리스트 Q&A 주요 내용

경영진은 비트코인 헤지가 BTC 표시 단기 차입금 형태로 구성되어 있다고 설명했습니다. 분기말 잔액은 약 800만 달러였으며, 이에 상응하는 유동자산이 기록되었습니다. 캉고는 차입한 비트코인을 첫날 현물 가격으로 매도하고, 가격이 하락할 경우 향후 채굴된 비트코인을 사용해 차입금을 상환할 수 있습니다. 포지션 규모는 일반적으로 1~2개월 치 생산량을 기준으로 설정됩니다.

3분기 채굴 운영과 관련해 경영진은 여름철 전력 감축 가능성에 따라 영향받을 수 있으나 해시레이트와 채굴기 보유량에는 큰 변화가 없을 것이라고 밝혔습니다. 호스팅 계약 협상 및 비트코인 연동 전력 가격 조정 메커니즘을 통해 추가적인 비용 유연성을 확보할 수 있습니다.

AI 용량과 관련해 경영진은 단기적인 주력 대상이 자체 50메가와트 규모의 조지아 LN 부지라고 밝혔습니다. 파트너사 위치에도 소규모 테스트 노드가 설치되었으나, 경영진은 향후 3년간 얼마나 많은 채굴 인프라가 AI용으로 전환될 수 있는지 수치화하여 밝히지는 않았습니다.

실적 발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.