PR Newswire
SHANGHAI
, March 6, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading Bitcoin mining company with an automotive transaction service in China, today announced its unaudited financial results for the fourth quarter and full year of 2024.
Fourth Quarter 2024 Financial and Operational Highlights
- Total revenues were RMB668.0 million (US$91.5 million), a substantial increase from RMB130.2 million in the same period of 2023. This surge was primarily attributable to the launch of our Bitcoin mining business in November 2024, which generated RMB653.0 million (US$89.5 million) in the quarter.
- A total of 933.8 Bitcoins were mined during the quarter. The average cost to mine Bitcoin, excluding depreciation of mining machines, was US$67,769.9 per Bitcoin in the quarter.
- Net income was RMB55.9 million (US$7.7 million) in the quarter compared with net loss of RMB103.8 million in the same period of 2023.
- Total balance of cash and cash equivalents and short-term investments were RMB2.5 billion (US$345.3 million) as of December 31, 2024.
- The total outstanding balance of financing transactions the Company facilitated was RMB3.9 billion (US$533.0 million) as of December 31, 2024. Our credit risk exposure has decreased, with only RMB1.1 billion (US$ 148.2 million) of outstanding loan balances where the Company bears credit risks that have not been provided with full bad debt allowance or full risk assurance liabilities. M1+ and M3+ overdue ratios for all outstanding financing transactions facilitated by the Company that have not been provided with full bad debt allowance or full risk assurance liabilities were 3.24% and 1.78%, respectively, as of December 31, 2024, compared with 3.17% and 1.76%, respectively, as of September 30, 2024.
Full Year 2024 Financial and Operational Highlights
- Total revenues were RMB804.5 million (US$110.2 million) compared with RMB1.7 billion in the full year of 2023.
- Revenue from the Bitcoin mining business was RMB653.0 million (US$89.5 million), despite the business’s very recent launch in November 2024.
- Net income was RMB299.8 million (US$41.1 million) compared with a net loss of RMB37.9 million in the full year of 2023.
Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “2024 was a milestone year for Cango, marking another pivotal transformation and growth phase for the Company. While we continued to develop our traditional automotive business, we also capitalized on the growing opportunities in the cryptocurrencies sector and strategically expanded into Bitcoin mining. In early November 2024, we announced our acquisition of on-rack Bitcoin mining machines with an aggregate hashrate of 50 exahashes (EH) for a total purchase price of US$400 million. By November 15, we had taken delivery of 32 EH of mining power, making us the third-largest Bitcoin miner globally. In just two months, our Bitcoin mining business generated revenues of RMB653.0 million, with a total of 933.8 Bitcoins mined as of the end of 2024.”
“Driven by the Bitcoin mining business’ initial success, Cango recorded total revenues of RMB668 million in the fourth quarter of 2024, representing a year-over-year surge of over 400%. Given this field’s immense growth potential, we have refined our transformation efforts and placed “Energy + Computing Power” at the core of our future development strategy. Meanwhile, we will maintain a strong focus on our used car exporting business, aiming to become a leading asset-light gateway for China’s used car exports. Looking ahead to 2025, leveraging our solid foundation in the cryptocurrencies sector, we are strategically positioning ourselves for further expansion across the digital economy value chain, creating sustainable value for all our stakeholders,” concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, “We are pleased to close 2024 with strong financial performance, driven by our strategic entry into the Bitcoin mining business. In 2024, we achieved a net income of RMB 299.8 million, marking a turnaround from the net loss recorded in 2023. Building on the solid foundation we have established in the Bitcoin mining business, we will continue to assess and pursue new opportunities to expand our capacity while prioritizing cost-effective and environmentally sustainable energy solutions to optimize our cost structure. As we move into 2025, we are confident that Cango is well-positioned to embark on its next phase of growth.”
Fourth Quarter 2024 Financial Results
REVENUES
Total revenues in the fourth quarter of 2024 were RMB668.0 million (US$91.5 million) compared with RMB130.2 million in the same period of 2023. The significant year-over-year increase was primarily driven by the Bitcoin mining business launched in November 2024.
Revenue from the Bitcoin mining business was RMB653.0 million (US$89.5 million), with a total of 933.8 Bitcoins mined as of the end of 2024.
Revenue from automotive trading related income[1] was RMB15.0 million (US$2.1 million), compared with RMB130.2 million in the same period of 2023.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2024 were RMB645.5 million (US$88.4 million) compared with RMB159.1 million in the same period of 2023.
- Cost of revenue in the fourth quarter of 2024 increased to RMB550.5 million (US$75.4 million) from RMB110.9 million in the same period of 2023. The year-over-year increase was primarily driven by the cost of the Bitcoin mining business. As a percentage of total revenues, cost of revenue in the fourth quarter of 2024 was 82.4% compared with 85.1% in the same period of 2023.
- Sales and marketing expenses in the fourth quarter of 2024 decreased to RMB2.2 million (US$0.3 million) from RMB4.4 million in the same period of 2023. As a percentage of total revenues, sales and marketing expenses in the fourth quarter of 2024 were 0.3% compared with 3.4% in the same period of 2023.
- General and administrative expenses in the fourth quarter of 2024 increased to RMB127.9 million (US$17.5 million) from RMB45.6 million in the same period of 2023. As a percentage of total revenues, general and administrative expenses in the fourth quarter of 2024 were 19.1% compared with 35.0% in the same period of 2023.
- Research and development expenses in the fourth quarter of 2024 decreased to RMB1.3 million (US$0.2 million) from RMB7.3 million in the same period of 2023. As a percentage of total revenues, research and development expenses in the fourth quarter of 2024 were 0.2% compared with 5.6% in the same period of 2023.
- Net loss on contingent risk assurance liabilities in the fourth quarter of 2024 was RMB4.6 million (US$0.6 million), compared with RMB22.2 million in the same period of 2023.
- Net recovery on provision for credit losses in the fourth quarter of 2024 was RMB66.1 million (US$9.1 million), compared with RMB31.2 million in the same period of 2023.
INCOME FROM OPERATIONS
Income from operations in the fourth quarter of 2024 was RMB22.5 million (US$3.1 million) compared with loss from operations of RMB28.9 million in the same period of 2023.
NET INCOME
Net income in the fourth quarter of 2024 was RMB55.9 million (US$7.7 million) compared with net loss of RMB103.8 million in the same period of 2023. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB59.2 million (US$8.1 million) compared with non-GAAP adjusted net loss of RMB99.2 million in the same period of 2023. Non-GAAP adjusted net loss excludes the impact of share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measure.”
NET INCOME PER ADS
Basic and diluted net income per American Depositary Share (the “ADS”) in the fourth quarter of 2024 were RMB0.54(US$0.07) and RMB0.48(US$0.07), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the fourth quarter of 2024 were RMB0.57(US$0.08) and RMB0.51(US$0.07), respectively. Each ADS represents two Class A ordinary shares of the Company.
Full Year 2024 Financial Results
REVENUES
Total revenues in the full year of 2024 were RMB804.5 million (US$110.2 million) compared with RMB1.7 billion in the full year of 2023. The year-over-year decrease was primarily due to decreased automotive trading related income[1], partially offset by the revenue contribution from the Bitcoin mining business launched in November 2024.
Revenue from the Bitcoin mining business was RMB653.0 million (US$89.5 million) with a total of 933.8 Bitcoins mined as of the end of 2024.
Revenues from automotive trading related income[1] was RMB151.5 million (US$20.8 million) compared with RMB1.7 billion in the full year of 2023.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2024 were RMB625.6 million (US$85.7 million) compared with RMB1.8 billion in the full year of 2023.
- Cost of revenue in the full year of 2024 decreased to RMB629.4 million (US$86.2 million) from RMB1.5 billion in the full year of 2023. The year-over-year decline was primarily due to the reduced business scale of the automotive trading related business, partially offset by rising costs associated with the Bitcoin mining business. As a percentage of total revenues, cost of revenue in the full year of 2024 was 78.2% compared with 88.8% in the full year of 2023.
- Sales and marketing expenses in the full year of 2024 decreased to RMB13.1 million (US$1.8 million) from RMB38.9 million in the full year of 2023. As a percentage of total revenues, sales and marketing expenses in the full year of 2024 were 1.6% compared with 2.3% in the full year of 2023.
- General and administrative expenses in the full year of 2024 increased to RMB250.2 million (US$34.3 million) from RMB157.0 million in the full year of 2023. As a percentage of total revenues, general and administrative expenses in the full year of 2024 were 31.1% compared with 9.2% in the full year of 2023.
- Research and development expenses in the full year of 2024 decreased to RMB5.5 million (US$0.7 million) from RMB30.1 million in the full year of 2023. As a percentage of total revenues, research and development expenses in the full year of 2024 were 0.7% compared with 1.8% in the full year of 2023.
- Net gain on contingent risk assurance liabilities in the full year of 2024 was RMB27.8 million (US$3.8 million), compared with net loss of RMB25.6 million in the full year of 2023.
- Net recovery on provision for credit losses in the full year of 2024 was RMB269.9 million (US$37.0 million), compared with RMB136.5 million in the full year of 2023.
INCOME FROM OPERATIONS
Income from operations in the full year of 2024 was RMB178.9 million (US$24.5 million) compared with loss from operations of RMB73.8 million in the full year of 2023.
NET INCOME
Net income in the full year of 2024 was RMB299.8 million (US$41.1 million) compared with net loss of RMB37.9 million in the full year of 2023. Non-GAAP adjusted net income in the full year of 2024 was RMB316.9 million (US$43.4 million) compared with Non-GAAP adjusted net income of RMB0.6 million in the full year of 2023. Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measure.”
NET INCOME PER ADS
Basic and diluted net income per American Depositary Share (the “ADS”) in the full year of 2024 were RMB2.88(US$0.39) and RMB2.57(US$0.35), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the full year of 2024 were RMB3.04(US$0.42) and RMB2.72(US$0.37), respectively. Each ADS represents two Class A ordinary shares of the Company.
BALANCE SHEET
- As of December 31, 2024, the Company had cash and cash equivalents of RMB1.3 billion (US$176.7 million) compared with RMB691.8 million as of September 30, 2024.
- As of December 31, 2024, the Company had short-term investments of RMB1.2 billion (US$168.7 million) compared with RMB3.1 billion as of September 30, 2024.
Business Outlook
We currently maintain a deployed hashrate of 32 EH, demonstrating our operational resilience. As part of our continued commitment to growth and scaling our capabilities, we are targeting a substantial increase in our hashrate over the coming months. We are on track to grow our deployed hashrate to approximately 50 EH before the end of this quarter. This increase is expected to be driven by the closing of our share-settled acquisition of Bitcoin mining assets, positioning us to strengthen our competitive advantage and increase operational efficiency.
Share Repurchase Program
Pursuant to the share repurchase program announced on April 23, 2024, the Company had repurchased 996,640 ADSs with cash in the aggregate amount of approximately US$1.7 million up to December 31, 2024.
Conference Call Information
The Company’s management will hold a conference call on Thursday, March 6, 2025, at 8:00 P.M. Eastern Time or Friday, March 7, 2025, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
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International: |
+1-412-902-4272 |
The replay will be accessible through March 13, 2025, by dialing the following numbers:
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International: |
+1-412-317-0088 |
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cangoonline.com.
About Cango Inc.
Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Headquartered in Shanghai, China, Cango has deployed its mining operation across strategic locations including North America, Middle East, South America, and East Africa. Cango expanded into the crypto assets market in November 2024, driven by the development in blockchain technology, increasing prevalence of crypto assets and its endeavor to diversify its business. Meanwhile, Cango has continued to operate the automotive transaction service in China since 2010, aiming to make car purchases simple and enjoyable. For more information, please visit: www.cangoonline.com.
Definition of Overdue Ratios
The Company defines “M1+ overdue ratio” as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.
The Company defines “M3+ overdue ratio” as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the Non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company presents the Non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income (loss) enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the Non-GAAP measure facilitates investors’ assessment of its operating performance.
Non-GAAP adjusted net income (loss) is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income (loss) is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income (loss). Further, the Non-GAAP measure may differ from the Non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Cango’s Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: [email protected]
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: [email protected]
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[1] Revenue from automotive trading related income consists revenues generated from loan facilitation income and other related income, guarantee income, leasing income, after-market services income, automotive trading income and others. |
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Cash and cash equivalents |
1,020,604,191 |
1,289,629,981 |
176,678,583 |
|||||
|
Restricted cash – current – bank deposits held for short-term |
1,670,006,785 |
– |
– |
|||||
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Restricted cash – current – others |
14,334,937 |
10,813,746 |
1,481,477 |
|||||
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Short-term investments |
635,070,394 |
1,231,171,751 |
168,669,838 |
|||||
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Accounts receivable, net |
64,791,709 |
22,991,951 |
3,149,884 |
|||||
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Finance lease receivables – current, net |
200,459,435 |
20,685,475 |
2,833,898 |
|||||
|
Financing receivables, net |
29,522,035 |
5,685,096 |
778,855 |
|||||
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Short-term contract asset |
170,623,200 |
33,719,944 |
4,619,613 |
|||||
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Prepayments and other current assets |
78,606,808 |
226,352,004 |
31,010,097 |
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Receivable for bitcoin collateral |
– |
617,057,765 |
84,536,567 |
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|||||
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Restricted cash – non-current |
583,380,417 |
287,425,602 |
39,377,146 |
|||||
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Mining machines |
– |
1,772,319,041 |
242,806,713 |
|||||
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Property and equipment, net |
8,239,037 |
6,634,509 |
908,924 |
|||||
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Intangible assets |
48,373,192 |
47,425,617 |
6,497,283 |
|||||
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Long-term contract asset |
36,310,769 |
17,551,040 |
2,404,483 |
|||||
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Finance lease receivables – non-current, net |
36,426,617 |
9,309,227 |
1,275,359 |
|||||
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Operating lease right-of-use assets |
47,154,944 |
40,788,977 |
5,588,067 |
|||||
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Other non-current assets |
4,705,544 |
329,761,833 |
45,177,186 |
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Short-term debts |
39,071,500 |
124,584,293 |
17,067,978 |
|||||
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Long-term debts—current |
926,237 |
– |
– |
|||||
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Short-term lease liabilities |
7,603,380 |
7,912,420 |
1,083,997 |
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Accrued expenses and other current liabilities |
206,877,626 |
1,348,300,779 |
184,716,449 |
|||||
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Deferred guarantee income |
86,218,888 |
11,787,712 |
1,614,910 |
|||||
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Contingent risk assurance liabilities |
125,140,991 |
31,190,425 |
4,273,071 |
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Income tax payable |
311,904,279 |
311,130,341 |
42,624,682 |
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Long-term debts |
712,023 |
– |
– |
|||||
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Deferred tax liability |
10,724,133 |
10,724,133 |
1,469,200 |
|||||
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Long-term operating lease liabilities |
42,228,435 |
37,044,466 |
5,075,071 |
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Other non-current liabilities |
226,035 |
19,118 |
2,619 |
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Ordinary shares |
204,260 |
199,087 |
27,274 |
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Treasury shares |
(773,130,748) |
(756,517,941) |
(103,642,533) |
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Additional paid-in capital |
4,813,679,585 |
4,725,877,432 |
647,442,554 |
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Accumulated other comprehensive income |
111,849,166 |
152,882,024 |
20,944,751 |
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Accumulated deficit |
(335,625,776) |
(35,810,730) |
(4,906,050) |
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130,237,183 |
668,032,884 |
91,520,130 |
1,701,918,741 |
804,488,547 |
110,214,479 |
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Revenue from bitcoin mining |
– |
652,986,472 |
89,458,780 |
– |
652,986,472 |
89,458,780 |
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Loan facilitation income and other related income |
(7,656,161) |
(534,163) |
(73,180) |
19,962,063 |
15,776,386 |
2,161,356 |
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Guarantee income |
42,110,239 |
8,849,830 |
1,212,422 |
212,121,156 |
74,431,177 |
10,197,029 |
|||||||
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Leasing income |
7,272,645 |
1,196,019 |
163,854 |
57,430,571 |
11,534,923 |
1,580,278 |
|||||||
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After-market services income |
24,023,492 |
5,116,611 |
700,973 |
65,388,466 |
41,227,512 |
5,648,146 |
|||||||
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Automobile trading income |
53,203,912 |
168,774 |
23,122 |
1,309,633,693 |
6,285,166 |
861,064 |
|||||||
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Others |
11,283,056 |
249,341 |
34,159 |
37,382,792 |
2,246,911 |
307,826 |
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Cost of revenue |
110,877,885 |
550,534,892 |
75,422,971 |
1,511,863,115 |
629,379,550 |
86,224,645 |
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Sales and marketing |
4,375,457 |
2,189,957 |
300,023 |
38,921,589 |
13,099,320 |
1,794,599 |
|||||||
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General and administrative |
45,646,503 |
127,873,306 |
17,518,571 |
156,966,463 |
250,164,109 |
34,272,342 |
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Research and development |
7,272,969 |
1,274,152 |
174,558 |
30,114,175 |
5,467,033 |
748,980 |
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Net loss (gain) on contingent risk assurance liabilities |
22,156,496 |
4,584,862 |
628,124 |
25,631,610 |
(27,801,042) |
(3,808,727) |
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Net recovery on provision for credit losses |
(31,224,666) |
(66,105,573) |
(9,056,426) |
(136,485,155) |
(269,865,102) |
(36,971,367) |
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Impairment loss from goodwill |
– |
– |
– |
148,657,971 |
– |
– |
|||||||
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Loss from change in fair value of receivable for bitcoin collateral |
|
25,150,893 |
3,445,658 |
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25,150,893 |
3,445,658 |
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Interest income, net |
20,183,627 |
30,316,565 |
4,153,352 |
79,164,929 |
106,317,885 |
14,565,491 |
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Net gain on equity securities |
8,653,285 |
1,570,825 |
215,202 |
24,093,019 |
8,788,576 |
1,204,030 |
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Interest expense |
– |
(659,217) |
(90,312) |
(4,099,783) |
(659,217) |
(90,312) |
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Foreign exchange (loss) gain, net |
(1,247,296) |
2,571,854 |
352,343 |
1,099,229 |
1,650,777 |
226,156 |
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Other income |
1,297,133 |
(209,124) |
(28,650) |
30,701,851 |
8,261,705 |
1,131,849 |
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Other expenses |
(1,256,297) |
(65,035) |
(8,910) |
(1,624,789) |
(2,116,893) |
(290,013) |
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Income tax expenses |
(102,541,409) |
(169,965) |
(23,285) |
(93,456,703) |
(1,321,573) |
(181,055) |
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Basic |
(0.95) |
0.54 |
0.07 |
(0.31) |
2.88 |
0.39 |
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Diluted |
(0.95) |
0.48 |
0.07 |
(0.31) |
2.57 |
0.35 |
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Basic |
109,101,164 |
103,360,485 |
103,360,485 |
121,524,393 |
104,098,809 |
104,098,809 |
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Diluted |
109,101,164 |
116,491,043 |
116,491,043 |
121,524,393 |
116,516,361 |
116,516,361 |
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Foreign currency translation adjustment |
(34,347,812) |
54,079,188 |
7,408,818 |
45,489,264 |
41,032,858 |
5,621,478 |
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View original content:https://www.prnewswire.com/news-releases/cango-inc-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results-302394553.html
SOURCE Cango Inc.
