Cango shares plunge over 20% after $82M Q2 loss

Cango Inc., the former Chinese automotive services company that reinvented itself as a Bitcoin miner, just posted the kind of quarterly results that make shareholders reach for the antacids. The NYSE-listed firm reported a net loss of $81.6 million for Q2 2026, sending its stock tumbling more than 20%. Revenue came in at $50.8 million for the quarter, roughly half of what the company generated in Q1. Nearly all of it, $47.4 million, came from Bitcoin mining. The rest of the business has essentially evaporated. Death by impairment The headline loss figure looks brutal, but the composition tells a more nuanced story. Of that $81.6 million net loss, a combined $51.4 million came from non-cash charges: $42.9 million in impairment losses and $8.5 million in disposal losses tied to mining machines. Cango took a financial haircut on equipment it decided was no longer worth running. The company deliberately culled less-efficient miners from its fleet, bringing its total operational hashrate down to 27.58 EH/s as of June 30. That breaks down to 19.84 EH/s from self-owned machines and 7.74 EH/s from leased capacity. On the production side, Cango mined 656 Bitcoin during the quarter and held ...