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Cango Inc. Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
CANGCango(CANG) Prnewswire·2025-03-06 21:30

Core Viewpoint - Cango Inc. has successfully transitioned into the Bitcoin mining sector, significantly boosting its financial performance in 2024, with a notable increase in revenues and net income compared to the previous year [3][4]. Financial and Operational Highlights - In Q4 2024, total revenues reached RMB 668 million (US91.5million),ayear−over−yearincreaseofover400 91.5 million), a year-over-year increase of over 400% from RMB 130.2 million in Q4 2023, primarily driven by the Bitcoin mining business [5][10]. - The Bitcoin mining business generated RMB 653 million (US 89.5 million) in revenue, with 933.8 Bitcoins mined by the end of 2024 [5][10]. - For the full year 2024, total revenues were RMB 804.5 million (US110.2million),downfromRMB1.7billionin2023,largelyduetodecreasedautomotivetradingincome[14][15].−ThecompanyreportedanetincomeofRMB299.8million(US 110.2 million), down from RMB 1.7 billion in 2023, largely due to decreased automotive trading income [14][15]. - The company reported a net income of RMB 299.8 million (US 41.1 million) for 2024, a turnaround from a net loss of RMB 37.9 million in 2023 [18]. Cost and Expenses - Total operating costs and expenses in Q4 2024 were RMB 645.5 million (US88.4million),comparedtoRMB159.1millioninQ42023[7][10].−ThecostofrevenueforQ42024wasRMB550.5million(US 88.4 million), compared to RMB 159.1 million in Q4 2023 [7][10]. - The cost of revenue for Q4 2024 was RMB 550.5 million (US 75.4 million), representing 82.4% of total revenues, a decrease from 85.1% in the same period of 2023 [11][10]. - For the full year 2024, total operating costs and expenses were RMB 625.6 million (US85.7million),downfromRMB1.8billionin2023[16].IncomefromOperations−IncomefromoperationsinQ42024wasRMB22.5million(US 85.7 million), down from RMB 1.8 billion in 2023 [16]. Income from Operations - Income from operations in Q4 2024 was RMB 22.5 million (US 3.1 million), compared to a loss of RMB 28.9 million in Q4 2023 [8][10]. - For the full year 2024, income from operations was RMB 178.9 million (US24.5million),asignificantimprovementfromalossofRMB73.8millionin2023[17].BalanceSheetandCashPosition−AsofDecember31,2024,CangohadcashandcashequivalentsofRMB2.5billion(US 24.5 million), a significant improvement from a loss of RMB 73.8 million in 2023 [17]. Balance Sheet and Cash Position - As of December 31, 2024, Cango had cash and cash equivalents of RMB 2.5 billion (US 345.3 million) [10]. - The total outstanding balance of financing transactions facilitated by the company was RMB 3.9 billion (US$ 533 million) [10]. Business Outlook - Cango aims to increase its deployed hashrate to approximately 50 EH by the end of Q1 2025, enhancing its competitive advantage in the Bitcoin mining sector [20]. - The company plans to maintain a strong focus on its used car exporting business while expanding its presence in the digital economy value chain [3].