Earnings call transcript: KAP Industrial posts stronger H2 2026 profits

Cango Inc. reported a significant loss of $81.6 million for Q2 2026, as the bitcoin miner shifted its focus toward AI infrastructure. Revenue decreased to $50.8 million from the previous quarter, while the company also recorded a net loss of $81.6 million, primarily due to non-cash impairment and disposal charges. The stock price rose 7.17% during regular trading and then fell 8.37% after hours, reflecting investors' concerns over the lower mining output.

Mining revenue stood at $47.4 million, with 656 bitcoins mined during the quarter. The average cash mining cost fell by 35% from $99.6 million in Q1 to $73,313 per bitcoin, showing improved operating efficiency. Cango signed its first AI customer contract after the quarter and expects AI revenue to commence in Q3 2026. The company's market capitalization stands at $98 million, and its EPS over the last twelve months was -$21.35.

The stock remains volatile, having fallen 85% over the past year and 84% year-to-date. Management highlighted that the shift to AI infrastructure is part of a broader plan to transition from a pure mining model, and the company remains unprofitable with a protracted cash burn rate.