Cango shares fell more than 21% after the company disclosed an $81.6 million net loss for the second quarter of 2026.

Shares of Cango Inc. (CANG) were trading near $1.89 during Tuesday’s session after the cryptocurrency mining company reported results that missed Wall Street expectations. Earnings per share came in at ¥-13.370, missing the analyst consensus of ¥-6.820 by ¥6.55. Revenue of ¥341.24 million also fell well below the estimated ¥577.37 million.

Second-quarter revenue totaled $50.8 million, about half the amount generated in the first quarter. Bitcoin mining accounted for $47.4 million of that total.

The decline in revenue followed an operational shift by the company. Cango retired older S19 mining equipment and redirected part of its capacity toward a hosted leasing arrangement, describing the change as an effort to optimize its mining footprint. For miners, equipment mix and deployment strategy can materially affect output and cost structure, making those adjustments a key part of how the business is being run.

An X post from EarningsTime on August 31, 2026, highlighted the company’s quarterly results: "Cango, $CANG , Q2-26. Mining revenue got cut in half. Losses improved sharply as Cango resets the fleet and pivots toward AI compute. Revenue: $50.8M | -15% vs. consensus | -50% QoQ GAAP diluted EPS -$1.99 vs. -$0.90 est. Net loss: -$81.6M vs. -$261.1M in Q1 pic.twitter.com/BZjJ4PzJQ8 — EarningsTime (@Earnings_Time) August 31, 2026"

As of June 30, Cango’s operational hashrate stood at 27.58 EH/s. That total included 19.94 EH/s from proprietary mining operations and 7.74 EH/s from leasing arrangements.

The company mined 656 bitcoin during the quarter. At the end of the period, its treasury held 1,065 BTC, worth about $82.8 million based on current market rates.

On the cost side, Cango said the streamlined operation helped reduce average cash costs per bitcoin mined by roughly 5% from the first quarter, bringing the figure to around $73,313. The company also said it has implemented hedging strategies for its bitcoin holdings to help reduce volatility risk.

Chief Executive Officer Paul Yu said the company is now focusing on "unit economics rather than scale" in its cryptocurrency mining business. The shift marks a departure from a strategy centered mainly on expanding computational capacity, and it helps frame the quarter’s results as part of a broader operating reset rather than a one-off change.

Cango is also moving further into artificial intelligence infrastructure. The company is repurposing its Georgia-based mining facility for GPU computing, with the site designed to support up to 3 MW.

Income from the Georgia GPU facility is expected to begin in the third quarter. That makes the next quarterly report important for assessing whether the AI initiative is generating revenue.

Over the past three months, CANG shares have declined 42.69%. Over the past year, the stock has fallen 89.76%.

According to InvestingPro, Cango’s overall financial health is rated as "fair performance."