Nasdaq-listed Bitcoin mining company Cango (CANG) announced that it recorded a net loss of 261.1 million dollars in its preliminary first quarter 2026 results. The company's total Bitcoin mining output for the quarter was tallied at 1,266 BTC.

Regarding this deficit, Cango explained that it was the result of reflecting non-cash impairment losses related to mining equipment due to the drop in Bitcoin prices, along with the decline (fluctuation) in the value of its held BTC.

Meanwhile, Cango's total revenue for the same period reached 102 million dollars. Looking at the detailed breakdown by business segment, the Bitcoin mining business accounted for 98.4 million dollars (96%), representing the overwhelming majority of total revenue.