Cango Inc.
For the period ended Jun 30, 2025. Filed Nov 17, 2025.
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Jun 30, 2025 · Filed Nov 17, 2025
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EX-99.1 · Segment information
Segment information
An operating segment is a component of a public entity that has all of the following characteristics:
| a. | It engages in business activities from which it may recognize revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity). |
| b. | Its operating results are regularly reviewed by the public entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. |
| c. | Its discrete financial information is available. |
For the six months ended on June 30, 2025, following the commencement of the bitcoin mining business and the disposal of PRC businesses, the CODM began to evaluate the performance of the overall business based ontwo reportable segments: (i) Bitcoin Mining Business and (ii) International Automobile Trading Business. The Company now reports segment financial information in alignment with this change in how the CODM assesses performance and allocates resources.
As the Company operated as a single segment for periods including and prior to the three months ended on March 31, 2025, reference should be made to the unaudited interim condensed for profit and loss and asset information for those periods. Additionally, segment disclosures for these prior periods provide further details related to the Company’s operations.
CODM evaluates the operating results based on the amount of income before income taxes of each reportable segment. This financial metric is used to perform analytical comparisons between periods and to monitor budget-to-actual variances on a periodic basis in order to assess performance and allocate resources.
The following table summarizes key financial information of income by segment from continuing operations for the six months ended June 30, 2025:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · For the six months ended June 30, 2025 | ||||||
| | | Bitcoin | | International Automobile Trading | | |
| · Mining Business · Business · Total | ||||||
| Revenues | | 282,269,981 | | 1,720,650 | | 283,990,631 |
| Less: Operating cost and other relevant expenses | | | | |||
| Cost of revenue (exclusive of depreciation shown below) | 223,818,193 | 1,629,792 | 225,447,985 | |||
| Cost of revenue (depreciation) | 43,194,326 | — | 43,194,326 | |||
| Provision for credit losses | 1,209,459 | — | 1,209,459 | |||
| Impairment loss from mining machines | 256,856,570 | — | 256,856,570 | |||
| Loss from change in fair value of receivable for bitcoin collateral | (51,715,376) | — | (51,715,376) | |||
| Interest expenses | 3,363,606 | — | 3,363,606 | |||
| Reportable segment income (loss) before income taxes | (194,456,797) | 90,858 | (194,365,939) | |||
| Reconciliations to income (loss) before income tax | | | | |||
| General and administrative expense – staff cost | | | 5,143,519 | |||
| General and administrative expense – others | | | 7,871,237 | |||
| Interest income | | | (991,173) | |||
| Foreign exchange gain, net | | | 7,988 | |||
| Other income and expense, net | | | (148,898) | |||
| Net loss before income taxes from continuing operations | | | (206,248,612) | |||
The following table summarizes key financial information of asset by segment as of June 30, 2025:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · As of June 30, 2025 | ||||||
| | | Bitcoin | | International Automobile Trading | | |
| | Mining Business | Business | Total | |||
| Segment assets: | | | | | | |
| Current assets | | | | | | |
| Accounts receivable, net | | 2,193,224 | | — | | 2,193,224 |
| Prepayments and other current assets, net | | 224,945,238 | | 1,227,324 | | 226,172,562 |
| Receivable for bitcoin collateral, net | | 416,733,018 | | — | | 416,733,018 |
| Non-current assets | | | | | | |
| Mining machines, net | | 357,168,857 | | — | | 357,168,857 |
| Total segment assets from continuing operations | | 1,001,040,337 | | 1,227,324 | | 1,002,267,661 |
| | | | | | | |
| Reconciliations to total assets | | | | | | |
| Cash and cash equivalents | | | | | | 117,792,694 |
| Deferred tax assets | | | | | | 2,269,174 |
| Total assets from continuing operations | | | | | 1,122,329,529 | |
Disaggregated revenue data by geographic area in terms of customers’ locations is as follows:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · For the six months ended June 30, 2025 | ||||||
| | | Bitcoin | | International Automobile trading | | |
| · Mining Business · Business · Total | ||||||
| British Virgin Islands | | 282,269,981 | | — | | 282,269,981 |
| Others | | — | | 1,720,650 | | 1,720,650 |
| Total | | 282,269,981 | | 1,720,650 | | 283,990,631 |
There were no significant revenue or expenses from continuing operations for the six months ended June 30, 2024.
Selected assets of mining machines, property and equipment and operating lease right-of-use assets by geographic area are as follows:
| · · · · | ||
|---|---|---|
| | | As of June 30, 2025 |
| · · Bitcoin · · | ||
| | Mining Business | Total |
| Asia | 38,181,277 | 38,181,277 |
| North America | 223,157,381 | 223,157,381 |
| Africa | 78,273,932 | 78,273,932 |
| Others | 17,556,267 | 17,556,267 |
| Total | 357,168,857 | 357,168,857 |
| | | | | | | |
|---|---|---|---|---|---|---|
| | As of December 31, 2024 | |||||
| | | Bitcoin | | Reconciled | | |
| · Mining Business · items · Total | ||||||
| Asia | | 37,289,109 | | 249,841 | | 37,538,950 |
| North America | | 92,809,899 | | — | | 92,809,899 |
| Africa | | 90,541,946 | | — | | 90,541,946 |
| Others | 22,165,759 | | — | | 22,165,759 | |
| Total | 242,806,713 | | 249,841 | | 243,056,554 | |
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