Cango (CANG) Investor presentation summary

Strategic transformation and business evolution

• Transitioned from automotive business to digital asset mining, focusing on 'Energy + Computing Power' since 2024.

• Acquired BTC mining assets, scaling to 50 EH/s hashrate across 40+ sites in four geographies by early 2026.

• Completed a $352M divestiture of legacy China assets and fully exited the market in May 2025.

• Directly listed shares on NYSE in October 2025, ending the ADR program to broaden institutional appeal.

• Leadership restructuring brought in expertise in digital asset infrastructure and energy investment.

Operational performance and capacity

• Deployed 50 EH/s hashrate, representing 4.75% of global hashrate as of February 2026.

• Mining operations span USA (49%), East Africa (30%), Oman (12%), and Paraguay (9%).

• Average monthly Bitcoin production reached ~573 BTC in Q4 2025.

• Maintained 88.8% average hashrate efficiency from Nov. 2024 to Feb. 2026.

• Cash cost per coin was $81,072 in Q3 2025.

Financial highlights and treasury management

• Q3 2025 revenues were $224.6M with an 11.9% gross margin and $80.1M adjusted EBITDA.

• BTC treasury held 3,313.4 BTC valued at $222M as of February 28, 2026.

• Ongoing BTC sales generated significant cash inflows, optimizing balance sheet flexibility.

• Secured $65M additional equity investment in February 2026 to support AI and computing infrastructure expansion.

• Strategic monetization of BTC while preserving long-term reserves.