Cango Inc.

Cango Inc. reported a net loss of US$261.1 million for the first quarter of 2026, primarily due to non-cash impairment charges on Bitcoin mining machines and changes in the fair value of Bitcoins. Total revenue was US$102.0 million, with US$98.4 million from its Bitcoin mining business, representing a 43% sequential decrease. Despite the challenging quarter, the company significantly reduced its long-term debt to US$30.6 million and made meaningful progress in its strategic expansion into AI compute with the launch of EcoHash.

Cango Inc. announced an Extraordinary General Meeting (EGM) to be held on June 24, 2026, where shareholders will vote on a share consolidation. This action is being proposed to address the company's non-compliance with the New York Stock Exchange's minimum share price requirement, following its Class A ordinary shares trading below US$1.00 for 30 consecutive days. The proposed consolidation ratio can range from no consolidation up to 10:1, with the Board determining the final ratio and effective date. Additionally, shareholders will vote on adopting an amended memorandum and articles of association to reflect the consolidation and on a proposal to adjourn the EGM if necessary to gather more proxies.