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Cango Inc (CANG)
NYSE:CANG
Earnings Data
Report Date
Jun 03, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.03Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Mar 06, 2025
|% Change Since: -6.63%
|Next Earnings Date:Jun 03, 2025
Earnings Call Sentiment|Positive
The earnings call highlights significant revenue growth and a profitable turnaround driven by successful expansion into cryptocurrency mining and robust operational performance. However, challenges include a decline in automotive trading revenue and increased operating costs. Despite the high costs associated with Bitcoin mining, Cango maintains a strong liquidity position, supporting its strategic initiatives.Company Guidance
During Cango Inc.'s fourth quarter and full year 2024 earnings call, the company provided extensive guidance on its strategic direction and financial performance. Notably, Cango's outstanding loan balance decreased significantly from over RMB40 billion to approximately RMB3.9 billion, with M1 plus and M3 plus ratios at 3.24% and 1.78%, respectively. The company reduced its credit risk exposure to RMB1.08 billion and held cash, cash equivalents, and short-term investments totaling approximately RMB2.52 billion. In a pivotal move, Cango shifted focus to the cryptocurrency sector, acquiring Bitcoin mining machines with a hash rate of 50 EH for $400 million USD, making it the third-largest Bitcoin miner globally. In November and December 2024, Cango mined 933.8 Bitcoins, contributing to a total net revenue of RMB670 million for the fourth quarter, a year-on-year increase of over 400%, and a net income of RMB55.89 million. Looking ahead, Cango plans to expand its computing power to 50 EH by the first quarter of 2025 and projects an annual production of 6,000 Bitcoins. The company aims to strengthen its position in Bitcoin mining and continue developing its automotive business, particularly in used car exports, while maintaining a focus on sustainable energy solutions.Significant Revenue Growth
Cango recorded total net revenue of RMB670 million in Q4 2024, representing a year-on-year surge of over 400%.
Profitable Turnaround
Net income for Q4 2024 was RMB55.89 million, compared to a net loss of RMB103.8 million in the same period of 2023.
Successful Expansion into Cryptocurrency Mining
Cango acquired Bitcoin mining machines with a hash rate of 50 EH for $400 million USD, becoming the third-largest Bitcoin miner globally.
Robust Operational Performance in Crypto Mining
Cango successfully mined 933.8 Bitcoins by the end of 2024, with average operating hash rates of 93% and 95% for November and December respectively.
Strong Liquidity Position
Cash, cash equivalents, and short-term investments amounted to approximately RMB2.52 billion as of the end of 2024.
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CANG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CANG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Mar 06, 2025 | $3.32 | $3.39 | +2.11% |
| Nov 04, 2024 | $2.80 | $2.83 | +1.07% |
| Aug 29, 2024 | $1.77 | $1.72 | -2.82% |
| Jun 12, 2024 | $1.87 | $1.58 | -15.51% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Cango Inc (CANG) report earnings?
Cango Inc (CANG) is schdueled to report earning on Jun 03, 2025, TBA Not Confirmed.
What is Cango Inc (CANG) earnings time?
Cango Inc (CANG) earnings time is at Jun 03, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CANG EPS forecast?
Currently, no data Available
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