Cango Inc. Releases Letter to Shareholders

Press Release Summary

Cango Inc. releases comprehensive letter to shareholders, providing detailed updates on company performance, strategic initiatives, and future growth prospects in the dynamic automotive finance and service industry. This official communication demonstrates Cango's commitment to transparency and shareholder engagement while outlining the company's progress in expanding its market presence and operational capabilities. The shareholder letter highlights Cango's achievements in automotive transaction services, digital platform expansion, and strategic partnerships that strengthen the company's position in China's growing automotive market. The communication details financial performance metrics, operational milestones, and strategic investments designed to drive long-term sustainable growth. Cango's management team provides insights into market trends, competitive advantages, and strategic priorities that will guide the company's development in coming quarters. The letter emphasizes Cango's focus on technological innovation, customer service excellence, and operational efficiency as key drivers of future success. This shareholder communication reinforces Cango's commitment to maintaining strong corporate governance practices while keeping investors informed about company developments and strategic direction. The comprehensive letter demonstrates management's confidence in the company's business model and growth trajectory in the evolving automotive finance landscape.

Press Release Details

HONG KONG, Nov. 6, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) today released a letter to shareholders at the one-year milestone of its bold transformation to a robust Bitcoin mining operation. CEO Paul Yu reflected on this milestone, emphasizing Cango's vision to deliver energy-secured HPC services. The journey began in November 2024 with Bitcoin mining as a practical entry point to secure energy access, build operational expertise, and create flexible sites for long-term goals.

In just eight months, Cango scaled to a 50 EH/s global platform by acquiring 32 EH/s of on-rack mining machines in November 2024, followed by 18 EH/s in June 2025. The company divested its China-based assets by May 2025, redirecting resources to its mining operations. A new Board and management team with expertise in digital assets, finance, and energy was onboarded to guide this ambitious transition.

The financial impact was swift. In Q2 2025, Cango reported US$139.8 million in revenue, US$99.1 million in adjusted EBITDA , and US$117.8 million in cash equivalents, driven by an asset-light model focused on operational efficiency. Cango established a new, highly competitive core business, and a scaled global footprint across the U.S., Oman, Ethiopia, and Paraguay.

This year's momentum continued with key milestones. In August 2025, Cango acquired a 50 MW facility in Georgia for US$19.5 million, strengthening operational control and securing better power terms. Hashrate efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL strategy. To enhance capital structure, Cango will transition to a direct NYSE listing on November 17, 2025.

Looking ahead, Paul shared that Cango's Bitcoin mining foundation will fuel a dual-track expansion into energy and HPC. The company plans disciplined, phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH/s of capacity.

"We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. " Paul said. "With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners."

View original content: https://ir-image.cangoonline.com/ir-documents/Cango%20Shareholder%20Letter%20202511.pdf

Investor Relations Contact

Juliet YE, Head of Communications

Cango Inc.

Email: ir@cangoonline.com