燦谷 (CANG) 2026年第二季法說會：挖礦重置與第三季 AI 營收

重點總覽

• 燦谷 (Cango Inc.) 公布 2026 財年第二季營收為 5,080 萬美元，較第一季下滑約 50%，主因公司降低營運算力，並將部分挖礦算力轉向租賃模式。
• 比特幣挖礦產生了 4,740 萬美元營收。燦谷共挖出 656 枚比特幣，每枚平均現金成本為 73,313 美元，季減約 5%，全成本（all-in cost）為每枚 98,405 美元。
• 持續營運淨虧損為 8,160 萬美元。該結果包含 4,290 萬美元的礦機減損損失以及 850 萬美元的處分損失，兩者均與挖礦資產基礎重組有關。
• 截至 6 月 30 日，營運算力為 27.58 EH/s，其中包括 19.84 EH/s 的自營挖礦算力與 7.74 EH/s 的租賃算力。
• 季度結束後，燦谷完成了其喬治亞州 LN 站點支援高達 3 兆瓦 (MW) AI 營運的基礎設施，並簽署了首份 AI 客戶合約。管理層預計 2026 財年第三季將開始產生適度的 AI 相關營收。
• 燦谷於第二季開始實施比特幣避險計畫。管理層將其定位為旨在降低現金流對比特幣價格波動敏感度的風險管理工具，而非投機性部位。

關鍵財務數據

業務與營運表現

燦谷繼續淘汰效率較低的舊款礦機，並將單位經濟效益置於規模之上。租賃結構將與租賃算力相關的直接營運成本轉嫁給承租人，從而降低燦谷承受的可變費用風險。

自營挖礦算力降低以及將部分算力轉入租賃，導致比特幣產量季減。然而，電力與託管費用的降低使營業成本從第一季的 9,960 萬美元降至 5,070 萬美元。

管理層表示，多數礦機皆託管於第三方站點。部分託管合約包含在比特幣價格下跌時降低電價的機制，提供了一定的下行成本保護。第二季的現金挖礦成本亦逐月下降。

在營運中、已上架的自營礦機（不含租賃算力）中，S21 系列機型略占三分之一以上。燦谷計畫繼續淘汰效率較低的舊算力。

燦谷的 AI 基礎設施業務在 6 月 30 日後取得進展，因此未對第二季營收產生貢獻。喬治亞州 LN 站點的 AI 基礎設施於 7 月初完工，具備支援高達 3 兆瓦的能力。電話會議當時，貨櫃安裝與分階段 GPU 交付正在進行中。

該公司於季度結束後簽署了首份 AI 客戶合約。其規劃模式包含裸金屬 (bare-metal) GPU 託管與機房共管 (colocation)，不過當時尚未簽署正式的機房共管合約。燦谷在德州與西海岸亦設有測試節點，並正在評估其他站點。

管理層展望

管理層預計將於 2026 財年第三季開始認列 AI 相關營收。預計初期貢獻較小，與客戶的洽談仍在進行中。

燦谷預計第三季營運算力與礦機餘額將保持大致穩定。然而管理層指出，7 月與 8 月期間的區域限電可能會影響營運。

在 2026 財年下半年，管理層的優先事項是在維持資本紀律的同時，優化自營挖礦與租賃算力的組合、執行 AI 部署、拓展客戶並評估進一步的站點擴充。

風險與關注焦點

• 比特幣價格波動仍是挖礦現金流的直接風險。燦谷的避險計畫旨在降低而非消除該風險敞口。
• 第二季每枚比特幣 98,405 美元的全成本仍高於報告的現金成本，因為其中包含了礦機折舊。
• 繼續淘汰舊機型可能會帶來額外的重組影響，而第二季的減損與處分損失總計已達約 5,100 萬美元。
• 即使已安裝的營運算力保持穩定，夏季限電仍可能影響第三季的挖礦活動。
• AI 商業化仍處於早期階段。初始合約營收規模較小，且在電話會議進行時尚未完成正式的機房共管協議。

分析師問答焦點

管理層解釋稱，比特幣避險方案結構為以 BTC 計價的短期貸款。季末餘額約為 800 萬美元，並列報了大致相當的流動資產。燦谷在第一天以現貨價格出售借入的比特幣，若價格下跌，則可能使用後續挖出的比特幣償還貸款。部位規模通常基於一至兩個月的產量。

關於第三季挖礦營運，管理層表示，受限於夏季可能發生的限電，算力與礦機持有量不應出現大幅變動。託管合約談判以及與比特幣掛鉤的電價調整機制可提供進一步的成本彈性。

關於 AI 容量，管理層表示近期重點是該公司自有的 50 兆瓦喬治亞州 LN 站點。合作夥伴地點也已安裝小型測試節點，但管理層未量化未來三年內可將多少挖礦基礎設施轉換為 AI 用途。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.