灿谷 (CANG) 2026财年第二季度业绩电话会: 挖矿重置与第三季度AI收入

要点速览

• 灿谷（Cango Inc.）公布2026财年第二季度营收为5080万美元，环比下降约50%，主要原因是公司缩减了运营算力，并将部分挖矿产能转为租赁模式。
• 比特币挖矿业务带来4740万美元的营收。灿谷共挖出656枚比特币，每枚比特币的平均现金成本为73,313美元（环比下降约5%），全成本为98,405美元。
• 持续经营业务净亏损为8160万美元。该业绩包括4290万美元的矿机减值损失和850万美元的处置损失，两者均与挖矿资产基础的重组有关。
• 截至6月30日，运营算力为27.58 EH/s，其中包括19.84 EH/s的自营挖矿产能和7.74 EH/s的租赁产能。
• 季度结束后，灿谷完成了其位于佐治亚州 LN 算力中心的基础设施建设，可支持高达3兆瓦的AI运营，并签署了首份AI客户合同。管理层预计与AI相关的微薄收入将于2026财年第三季度开始产生。
• 灿谷在第二季度开始实施比特币套期保值计划。管理层将其定性为一种风险管理工具，旨在降低现金流对比特币价格波动的敏感度，而非投机性建仓。

关键财务数据

业务与运营表现

灿谷继续淘汰效率较低的旧款矿机，并将单体经济效益置于规模之上。租赁结构将与租赁算力相关的直接运营成本转移给承租人，从而减少了灿谷面临的可变费用风险。

自营挖矿产能下降以及部分产能转为租赁，导致比特币产量环比减少。然而，电费和托管费用的下降使营业成本从第一季度的9960万美元降至5070万美元。

管理层表示，大多数矿机托管在第三方数据中心。部分托管合同包含在比特币价格下跌时降低电价的机制，这在一定程度上提供了下行成本保护。第二季度，现金挖矿成本也按月呈下降趋势。

在运营中且已上架的自营矿机中（不含租赁产能），S21系列机型占比略超三分之一。灿谷计划继续淘汰效率较低的旧产能。

灿谷的AI基础设施业务在6月30日之后取得进展，因此未对第二季度营收做出贡献。佐治亚州 LN 站点的AI基础设施于7月初竣工，具备支持高达3兆瓦算力的能力。在业绩电话会议召开时，集装箱安装和分阶段 GPU 交付正在推进中。

季度结束后，公司签署了首份AI客户合同。其规划的模式包括裸金属 GPU 托管和算力托管（colocation），不过尚未签署正式的算力托管合同。灿谷还在德克萨斯州和美国西海岸设有测试节点，并正在评估更多站点。

管理层展望

管理层预计将于2026财年第三季度开始确认AI相关收入。预计初期贡献较为有限，同时与客户的洽谈仍在持续推进。

灿谷预计第三季度运营算力和矿机规模将保持总体稳定。然而，管理层指出，7月和8月期间的区域性限电可能会影响运营。

针对2026财年下半年，管理层的优先事项是在保持资本纪律的同时，优化自营挖矿与租赁算力的组合，执行AI部署，拓展客户并评估进一步的站点扩建。

风险与关注领域

• 比特币价格波动仍是对挖矿现金流的直接风险。灿谷的套期保值计划旨在降低而非完全消除该风险敞口。
• 第二季度每枚比特币98,405美元的全成本仍高于公布的现金成本，因为其中包含了矿机折旧。
• 持续淘汰旧款矿机可能导致额外的重组影响，而第二季度的减值和处置损失合计已达约5100万美元。
• 即使已安装的运营算力保持稳定，夏季限电仍可能影响第三季度的挖矿活动。
• AI商业化尚处于早期阶段。初始合同收入较小，且截至电话会议召开时尚未达成正式的机柜托管协议。

分析师问答亮点

管理层解释称，比特币套期保值结构为以 BTC 计价的短期贷款。季度末余额约为800万美元，并记录了大致相当的流动资产。灿谷在第一天按现货价格出售借入的比特币，若价格下跌，可能会使用后续挖出的比特币还贷。持仓规模通常基于一到两个月的产量。

关于第三季度的挖矿运营，管理层表示，受夏季可能发生的限电影响，算力和矿机持有量不应出现重大变化。托管合同谈判以及与比特币挂钩的电价调节机制可能会提供进一步的成本灵活性。

关于AI产能，管理层表示近期的重点是公司自家位于佐治亚州、容量为50兆瓦的 LN 站点。此外，合作伙伴地点也已安装小型测试节点，但管理层未量化未来三年内有多少挖矿基础设施可转换为AI用途。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.