SHANGHAI, March 6,
2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango"
or the "Company"), a leading Bitcoin mining company
with an automotive transaction service in China, today announced its unaudited financial
results for the fourth quarter and full year of 2024.
Fourth Quarter 2024 Financial and Operational
Highlights
- Total revenues were RMB668.0
million (US$91.5 million), a
substantial increase from RMB130.2
million in the same period of 2023. This surge was primarily
attributable to the launch of our Bitcoin mining
business in November 2024, which
generated RMB653.0 million
(US$89.5 million) in the quarter.
- A total of 933.8 Bitcoins were mined during the quarter. The
average cost to mine Bitcoin, excluding depreciation
of mining machines, was US$67,769.9
per Bitcoin in the quarter.
- Net income was RMB55.9 million
(US$7.7 million) in the quarter
compared with net loss of RMB103.8
million in the same period of 2023.
- Total balance of cash and cash equivalents and short-term
investments were RMB2.5 billion
(US$345.3 million) as of December 31, 2024.
- The total outstanding balance of financing transactions the
Company facilitated was RMB3.9
billion (US$533.0 million) as
of December 31, 2024. Our credit risk
exposure has decreased, with only RMB1.1
billion (US$ 148.2 million) of
outstanding loan balances where the Company bears credit risks that
have not been provided with full bad debt allowance or full risk
assurance liabilities. M1+ and M3+ overdue ratios for all
outstanding financing transactions facilitated by the Company that
have not been provided with full bad debt allowance or full risk
assurance liabilities were 3.24% and 1.78%, respectively, as of
December 31, 2024, compared with
3.17% and 1.76%, respectively, as of September 30, 2024.
Full Year 2024 Financial and Operational Highlights
- Total revenues were RMB804.5
million (US$110.2 million)
compared with RMB1.7 billion in the
full year of 2023.
- Revenue from the Bitcoin mining business was
RMB653.0 million (US$89.5 million), despite the business's very
recent launch in November 2024.
- Net income was RMB299.8 million
(US$41.1 million) compared with a net
loss of RMB37.9 million in the full
year of 2023.
Mr. Jiayuan Lin, Chief Executive Officer of Cango,
commented, "2024 was a milestone year for Cango, marking another
pivotal transformation and growth phase for the Company. While we
continued to develop our traditional automotive business, we also
capitalized on the growing opportunities in the
cryptocurrencies sector and strategically expanded
into Bitcoin mining. In early November 2024, we announced our acquisition of
on-rack Bitcoin mining machines with an aggregate
hashrate of 50 exahashes (EH) for a total purchase price of
US$400 million. By November 15, we had taken delivery of 32 EH of
mining power, making us the third-largest Bitcoin
miner globally. In just two months, our Bitcoin mining
business generated revenues of RMB653.0 million, with a total
of 933.8 Bitcoins mined as of the end of 2024."
"Driven by the Bitcoin mining business' initial
success, Cango recorded total revenues of RMB668 million in the fourth quarter of 2024,
representing a year-over-year surge of over 400%. Given this
field's immense growth potential, we have refined our
transformation efforts and placed "Energy + Computing Power" at the
core of our future development strategy. Meanwhile, we will
maintain a strong focus on our used car exporting business, aiming
to become a leading asset-light gateway for China's used car exports. Looking ahead to
2025, leveraging our solid foundation in the
cryptocurrencies sector, we are strategically
positioning ourselves for further expansion across the digital
economy value chain, creating sustainable value for all our
stakeholders," concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "We are pleased to close 2024 with strong
financial performance, driven by our strategic entry into the
Bitcoin mining business. In 2024, we achieved a net
income of RMB 299.8 million, marking
a turnaround from the net loss recorded in 2023. Building on the
solid foundation we have established in the Bitcoin
mining business, we will continue to assess and pursue new
opportunities to expand our capacity while prioritizing
cost-effective and environmentally sustainable energy solutions to
optimize our cost structure. As we move into 2025, we are confident
that Cango is well-positioned to embark on its next phase of
growth."
Fourth Quarter 2024 Financial Results
REVENUES
Total revenues in the fourth quarter of 2024 were RMB668.0 million (US$91.5
million) compared with RMB130.2
million in the same period of 2023. The significant
year-over-year increase was primarily driven by the
Bitcoin mining business launched in November
2024.
Revenue from the Bitcoin mining business
was RMB653.0 million (US$89.5
million), with a total of 933.8 Bitcoins mined as of the end
of 2024.
Revenue from automotive trading related income[1] was RMB15.0
million (US$2.1 million),
compared with RMB130.2 million in the
same period of 2023.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2024
were RMB645.5 million (US$88.4 million) compared with RMB159.1 million in the same period of 2023.
- Cost of revenue in the fourth quarter of 2024 increased to
RMB550.5 million (US$75.4 million) from RMB110.9 million in the same period of 2023. The
year-over-year increase was primarily driven by the cost of the
Bitcoin mining business. As a percentage of total
revenues, cost of revenue in the fourth quarter of 2024 was 82.4%
compared with 85.1% in the same period of 2023.
- Sales and marketing expenses in the fourth quarter of 2024
decreased to RMB2.2 million
(US$0.3 million) from RMB4.4 million in the same period of 2023. As a
percentage of total revenues, sales and marketing expenses in the
fourth quarter of 2024 were 0.3% compared with 3.4% in the same
period of 2023.
- General and administrative expenses in the fourth quarter of
2024 increased to RMB127.9 million
(US$17.5 million) from RMB45.6 million in the same period of 2023. As a
percentage of total revenues, general and administrative expenses
in the fourth quarter of 2024 were 19.1% compared with 35.0% in the
same period of 2023.
- Research and development expenses in the fourth quarter of 2024
decreased to RMB1.3 million
(US$0.2 million) from RMB7.3 million in the same period of 2023. As a
percentage of total revenues, research and development expenses in
the fourth quarter of 2024 were 0.2% compared with 5.6% in the same
period of 2023.
- Net loss on contingent risk assurance liabilities in the fourth
quarter of 2024 was RMB4.6 million
(US$0.6 million), compared with
RMB22.2 million in the same period of
2023.
- Net recovery on provision for credit losses in the fourth
quarter of 2024 was RMB66.1 million
(US$9.1 million), compared with
RMB31.2 million in the same period of
2023.
INCOME FROM OPERATIONS
Income from operations in the fourth quarter of 2024 was
RMB22.5 million (US$3.1 million) compared with loss from
operations of RMB28.9 million in the
same period of 2023.
NET INCOME
Net income in the fourth quarter of 2024 was RMB55.9 million (US$7.7
million) compared with net loss of RMB103.8 million in the same period of 2023.
Non-GAAP adjusted net income in the fourth quarter of 2024 was
RMB59.2 million (US$8.1 million) compared with non-GAAP adjusted
net loss of RMB99.2 million in the
same period of 2023. Non-GAAP adjusted net loss excludes the impact
of share-based compensation expenses. For further information, see
"Use of Non-GAAP Financial Measure."
NET INCOME PER ADS
Basic and diluted net income per American Depositary Share (the
"ADS") in the fourth quarter of 2024 were RMB0.54 (US$0.07)
and RMB0.48 (US$0.07), respectively. Non-GAAP adjusted basic
and diluted net income per ADS in the fourth quarter of 2024 were
RMB0.57 (US$0.08) and RMB0.51 (US$0.07),
respectively. Each ADS represents two Class A ordinary shares of
the Company.
Full Year 2024 Financial Results
REVENUES
Total revenues in the full year of 2024 were RMB804.5 million (US$110.2
million) compared with RMB1.7
billion in the full year of 2023. The year-over-year
decrease was primarily due to decreased automotive trading related
income[1], partially offset by the revenue contribution
from the Bitcoin mining business launched in
November 2024.
Revenue from the Bitcoin mining business
was RMB653.0 million (US$89.5
million) with a total of 933.8 Bitcoins mined as of the end
of 2024.
Revenues from automotive trading related income[1]
was RMB151.5 million (US$20.8 million) compared with RMB1.7 billion in the full year of 2023.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2024 were
RMB625.6 million (US$85.7 million) compared with RMB1.8 billion in the full year of 2023.
- Cost of revenue in the full year of 2024 decreased to
RMB629.4 million (US$86.2 million) from RMB1.5 billion in the full year of 2023. The
year-over-year decline was primarily due to the reduced business
scale of the automotive trading related business, partially offset
by rising costs associated with the Bitcoin mining
business. As a percentage of total revenues, cost of revenue in the
full year of 2024 was 78.2% compared with 88.8% in the full year of
2023.
- Sales and marketing expenses in the full year of 2024 decreased
to RMB13.1 million (US$1.8 million) from RMB38.9 million in the full year of 2023. As a
percentage of total revenues, sales and marketing expenses in the
full year of 2024 were 1.6% compared with 2.3% in the full year of
2023.
- General and administrative expenses in the full year of 2024
increased to RMB250.2 million
(US$34.3 million) from RMB157.0 million in the full year of 2023. As a
percentage of total revenues, general and administrative expenses
in the full year of 2024 were 31.1% compared with 9.2% in the full
year of 2023.
- Research and development expenses in the full year of 2024
decreased to RMB5.5 million
(US$0.7 million) from RMB30.1 million in the full year of 2023. As a
percentage of total revenues, research and development expenses in
the full year of 2024 were 0.7% compared with 1.8% in the full year
of 2023.
- Net gain on contingent risk assurance liabilities in the full
year of 2024 was RMB27.8 million
(US$3.8 million), compared with net
loss of RMB25.6 million in the full
year of 2023.
- Net recovery on provision for credit losses in the full year of
2024 was RMB269.9 million
(US$37.0 million), compared with
RMB136.5 million in the full year of
2023.
INCOME FROM OPERATIONS
Income from operations in the full year of 2024 was RMB178.9 million (US$24.5
million) compared with loss from operations of RMB73.8 million in the full year of 2023.
NET INCOME
Net income in the full year of 2024 was RMB299.8 million (US$41.1
million) compared with net loss of RMB37.9 million in the full year of 2023.
Non-GAAP adjusted net income in the full year of 2024 was
RMB316.9 million (US$43.4 million) compared with Non-GAAP adjusted
net income of RMB0.6 million in the
full year of 2023. Non-GAAP adjusted net income excludes the impact
of share-based compensation expenses. For further information, see
"Use of Non-GAAP Financial Measure."
NET INCOME PER ADS
Basic and diluted net income per American Depositary Share (the
"ADS") in the full year of 2024 were RMB2.88 (US$0.39)
and RMB2.57 (US$0.35), respectively. Non-GAAP adjusted basic
and diluted net income per ADS in the full year of 2024 were
RMB3.04 (US$0.42) and RMB2.72 (US$0.37),
respectively. Each ADS represents two Class A ordinary shares of
the Company.
BALANCE SHEET
- As of December 31, 2024, the
Company had cash and cash equivalents of RMB1.3 billion (US$176.7
million) compared with RMB691.8
million as of September 30,
2024.
- As of December 31, 2024, the
Company had short-term investments of RMB1.2
billion (US$168.7 million)
compared with RMB3.1 billion as of
September 30, 2024.
Business Outlook
We currently maintain a deployed hashrate of 32 EH,
demonstrating our operational resilience. As part of our continued
commitment to growth and scaling our capabilities, we are targeting
a substantial increase in our hashrate over the coming months. We
are on track to grow our deployed hashrate to approximately 50 EH
before the end of this quarter. This increase is expected to be
driven by the closing of our share-settled acquisition of
Bitcoin mining assets, positioning us to strengthen
our competitive advantage and increase operational efficiency.
Share Repurchase Program
Pursuant to the share repurchase program announced on
April 23, 2024, the Company had
repurchased 996,640 ADSs with cash in the aggregate amount of
approximately US$1.7 million up to
December 31, 2024.
Conference Call Information
The Company's management will hold a conference call on
Thursday, March 6, 2025, at
8:00 P.M. Eastern Time or
Friday, March 7, 2025, at
9:00 A.M. Beijing Time to discuss the
financial results. Listeners may access the call by dialing the
following numbers:
|
International:
United States Toll Free:
Mainland China Toll Free:
Hong Kong, China Toll Free:
Conference
ID:
|
+1-412-902-4272
+1-888-346-8982
4001-201-203
800-905-945
Cango Inc.
|
The replay will be accessible through March 13, 2025, by dialing the following
numbers:
|
International:
United States Toll Free:
Access Code:
|
+1-412-317-0088
+1-877-344-7529
6316125
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.cangoonline.com.
About Cango Inc.
Cango Inc. (NYSE: CANG) primarily operates a leading
Bitcoin mining business. Headquartered in Shanghai, China, Cango has deployed its mining
operation across strategic locations including North America, Middle East, South
America, and East Africa.
Cango expanded into the crypto assets market in
November 2024, driven by the
development in blockchain technology, increasing prevalence of
crypto assets and its endeavor to diversify its
business. Meanwhile, Cango has continued to operate the automotive
transaction service in China since
2010, aiming to make car purchases simple and enjoyable. For more
information, please visit: www.cangoonline.com.
Definition of Overdue Ratios
The Company defines "M1+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 30 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
The Company defines "M3+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 90 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses
Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a
supplemental measure to review and assess its operating
performance. The presentation of the Non-GAAP financial measure is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
U.S. GAAP. The Company defines Non-GAAP adjusted net income (loss)
as net income (loss) excluding share-based compensation expenses.
The Company presents the Non-GAAP financial measure because it is
used by the management to evaluate the operating performance and
formulate business plans. Non-GAAP adjusted net income (loss)
enables the management to assess the Company's operating results
without considering the impact of share-based compensation
expenses, which are non-cash charges. The Company also believes
that the use of the Non-GAAP measure facilitates investors'
assessment of its operating performance.
Non-GAAP adjusted net income (loss) is not defined under U.S.
GAAP and is not presented in accordance with U.S. GAAP. This
Non-GAAP financial measure has limitations as analytical tools. One
of the key limitations of using Non-GAAP adjusted net income (loss)
is that it does not reflect all items of expense that affect the
Company's operations. Share-based compensation expenses have been
and may continue to be incurred in the business and are not
reflected in the presentation of Non-GAAP adjusted net income
(loss). Further, the Non-GAAP measure may differ from the Non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the
Non-GAAP financial measure to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Cango's Non-GAAP financial measure to the
most comparable U.S. GAAP measure are included at the end of this
press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on
December 31, 2024, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Cango's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
|
[1] Revenue from
automotive trading related income consists revenues generated from
loan facilitation income and other related income, guarantee
income, leasing income, after-market services income, automotive
trading income and others.
|
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data）
|
|
|
|
|
|
As of December
31, 2023
|
|
As of December 31,
2024
|
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,020,604,191
|
|
1,289,629,981
|
176,678,583
|
|
|
Restricted cash -
current - bank deposits held for short-term
investments
|
|
|
|
1,670,006,785
|
|
-
|
-
|
|
|
Restricted cash -
current - others
|
|
|
|
14,334,937
|
|
10,813,746
|
1,481,477
|
|
|
Short-term
investments
|
|
|
|
635,070,394
|
|
1,231,171,751
|
168,669,838
|
|
|
Accounts receivable,
net
|
|
|
|
64,791,709
|
|
22,991,951
|
3,149,884
|
|
|
Finance lease
receivables - current, net
|
|
|
|
200,459,435
|
|
20,685,475
|
2,833,898
|
|
|
Financing receivables,
net
|
|
|
|
29,522,035
|
|
5,685,096
|
778,855
|
|
|
Short-term contract
asset
|
|
|
|
170,623,200
|
|
33,719,944
|
4,619,613
|
|
|
Prepayments and other
current assets
|
|
|
|
78,606,808
|
|
226,352,004
|
31,010,097
|
|
|
Receivable for bitcoin
collateral
|
|
|
|
-
|
|
617,057,765
|
84,536,567
|
|
|
Total current
assets
|
|
|
|
3,884,019,494
|
|
3,458,107,713
|
473,758,812
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
583,380,417
|
|
287,425,602
|
39,377,146
|
|
|
Mining
machines
|
|
|
|
-
|
|
1,772,319,041
|
242,806,713
|
|
|
Property and equipment,
net
|
|
|
|
8,239,037
|
|
6,634,509
|
908,924
|
|
|
Intangible
assets
|
|
|
|
48,373,192
|
|
47,425,617
|
6,497,283
|
|
|
Long-term contract
asset
|
|
|
|
36,310,769
|
|
17,551,040
|
2,404,483
|
|
|
Finance lease
receivables - non-current, net
|
|
|
|
36,426,617
|
|
9,309,227
|
1,275,359
|
|
|
Operating lease
right-of-use assets
|
|
|
|
47,154,944
|
|
40,788,977
|
5,588,067
|
|
|
Other non-current
assets
|
|
|
|
4,705,544
|
|
329,761,833
|
45,177,186
|
|
|
Total non-current
assets
|
|
|
|
764,590,520
|
|
2,511,215,846
|
344,035,161
|
|
|
TOTAL
ASSETS
|
|
|
|
4,648,610,014
|
|
5,969,323,559
|
817,793,973
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
39,071,500
|
|
124,584,293
|
17,067,978
|
|
|
Long-term
debts—current
|
|
|
|
926,237
|
|
-
|
-
|
|
|
Short-term lease
liabilities
|
|
|
|
7,603,380
|
|
7,912,420
|
1,083,997
|
|
|
Accrued expenses and
other current liabilities
|
|
|
|
206,877,626
|
|
1,348,300,779
|
184,716,449
|
|
|
Deferred guarantee
income
|
|
|
|
86,218,888
|
|
11,787,712
|
1,614,910
|
|
|
Contingent risk
assurance liabilities
|
|
|
|
125,140,991
|
|
31,190,425
|
4,273,071
|
|
|
Income tax
payable
|
|
|
|
311,904,279
|
|
311,130,341
|
42,624,682
|
|
|
Total current
liabilities
|
|
|
|
777,742,901
|
|
1,834,905,970
|
251,381,087
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
712,023
|
|
-
|
-
|
|
|
Deferred tax
liability
|
|
|
|
10,724,133
|
|
10,724,133
|
1,469,200
|
|
|
Long-term operating
lease liabilities
|
|
|
|
42,228,435
|
|
37,044,466
|
5,075,071
|
|
|
Other non-current
liabilities
|
|
|
|
226,035
|
|
19,118
|
2,619
|
|
|
Total non-current
liabilities
|
|
|
|
53,890,626
|
|
47,787,717
|
6,546,890
|
|
|
Total
liabilities
|
|
|
|
831,633,527
|
|
1,882,693,687
|
257,927,977
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
199,087
|
27,274
|
|
|
Treasury
shares
|
|
|
|
(773,130,748)
|
|
(756,517,941)
|
(103,642,533)
|
|
|
Additional paid-in
capital
|
|
|
|
4,813,679,585
|
|
4,725,877,432
|
647,442,554
|
|
|
Accumulated other
comprehensive income
|
|
|
|
111,849,166
|
|
152,882,024
|
20,944,751
|
|
|
Accumulated
deficit
|
|
|
|
(335,625,776)
|
|
(35,810,730)
|
(4,906,050)
|
|
|
Total Cango
Inc.'s equity
|
|
|
|
3,816,976,487
|
|
4,086,629,872
|
559,865,996
|
|
|
Total shareholders'
equity
|
|
|
|
3,816,976,487
|
|
4,086,629,872
|
559,865,996
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
4,648,610,014
|
|
5,969,323,559
|
817,793,973
|
|
|
|
|
|
|
|
|
|
|
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
For the three
months ended
|
|
For the years
ended
|
|
|
|
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
130,237,183
|
|
668,032,884
|
91,520,130
|
|
1,701,918,741
|
|
804,488,547
|
110,214,479
|
|
|
Revenue from bitcoin
mining
|
|
|
|
-
|
|
652,986,472
|
89,458,780
|
|
-
|
|
652,986,472
|
89,458,780
|
|
|
Loan facilitation
income and other related income
|
|
|
|
(7,656,161)
|
|
(534,163)
|
(73,180)
|
|
19,962,063
|
|
15,776,386
|
2,161,356
|
|
|
Guarantee
income
|
|
|
|
42,110,239
|
|
8,849,830
|
1,212,422
|
|
212,121,156
|
|
74,431,177
|
10,197,029
|
|
|
Leasing
income
|
|
|
|
7,272,645
|
|
1,196,019
|
163,854
|
|
57,430,571
|
|
11,534,923
|
1,580,278
|
|
|
After-market services
income
|
|
|
|
24,023,492
|
|
5,116,611
|
700,973
|
|
65,388,466
|
|
41,227,512
|
5,648,146
|
|
|
Automobile trading
income
|
|
|
|
53,203,912
|
|
168,774
|
23,122
|
|
1,309,633,693
|
|
6,285,166
|
861,064
|
|
|
Others
|
|
|
|
11,283,056
|
|
249,341
|
34,159
|
|
37,382,792
|
|
2,246,911
|
307,826
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
110,877,885
|
|
550,534,892
|
75,422,971
|
|
1,511,863,115
|
|
629,379,550
|
86,224,645
|
|
|
Sales and
marketing
|
|
|
|
4,375,457
|
|
2,189,957
|
300,023
|
|
38,921,589
|
|
13,099,320
|
1,794,599
|
|
|
General and
administrative
|
|
|
|
45,646,503
|
|
127,873,306
|
17,518,571
|
|
156,966,463
|
|
250,164,109
|
34,272,342
|
|
|
Research and
development
|
|
|
|
7,272,969
|
|
1,274,152
|
174,558
|
|
30,114,175
|
|
5,467,033
|
748,980
|
|
|
Net loss (gain) on
contingent risk assurance liabilities
|
|
|
|
22,156,496
|
|
4,584,862
|
628,124
|
|
25,631,610
|
|
(27,801,042)
|
(3,808,727)
|
|
|
Net recovery on
provision for credit losses
|
|
|
|
(31,224,666)
|
|
(66,105,573)
|
(9,056,426)
|
|
(136,485,155)
|
|
(269,865,102)
|
(36,971,367)
|
|
|
Impairment loss from
goodwill
|
|
|
|
-
|
|
-
|
-
|
|
148,657,971
|
|
-
|
-
|
|
|
Loss from change in
fair value of receivable for bitcoin collateral
|
|
|
|
-
|
|
25,150,893
|
3,445,658
|
|
-
|
|
25,150,893
|
3,445,658
|
|
|
Total operation cost
and expenses
|
|
|
|
159,104,644
|
|
645,502,489
|
88,433,479
|
|
1,775,669,768
|
|
625,594,761
|
85,706,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations
|
|
|
|
(28,867,461)
|
|
22,530,395
|
3,086,651
|
|
(73,751,027)
|
|
178,893,786
|
24,508,349
|
|
|
Interest income,
net
|
|
|
|
20,183,627
|
|
30,316,565
|
4,153,352
|
|
79,164,929
|
|
106,317,885
|
14,565,491
|
|
|
Net gain on equity
securities
|
|
|
|
8,653,285
|
|
1,570,825
|
215,202
|
|
24,093,019
|
|
8,788,576
|
1,204,030
|
|
|
Interest
expense
|
|
|
|
-
|
|
(659,217)
|
(90,312)
|
|
(4,099,783)
|
|
(659,217)
|
(90,312)
|
|
|
Foreign exchange (loss)
gain, net
|
|
|
|
(1,247,296)
|
|
2,571,854
|
352,343
|
|
1,099,229
|
|
1,650,777
|
226,156
|
|
|
Other income
|
|
|
|
1,297,133
|
|
(209,124)
|
(28,650)
|
|
30,701,851
|
|
8,261,705
|
1,131,849
|
|
|
Other
expenses
|
|
|
|
(1,256,297)
|
|
(65,035)
|
(8,910)
|
|
(1,624,789)
|
|
(2,116,893)
|
(290,013)
|
|
|
Net (loss) income
before income taxes
|
|
|
|
(1,237,009)
|
|
56,056,263
|
7,679,676
|
|
55,583,429
|
|
301,136,619
|
41,255,550
|
|
|
Income tax
expenses
|
|
|
|
(102,541,409)
|
|
(169,965)
|
(23,285)
|
|
(93,456,703)
|
|
(1,321,573)
|
(181,055)
|
|
|
Net (loss)
income
|
|
|
|
(103,778,418)
|
|
55,886,298
|
7,656,391
|
|
(37,873,274)
|
|
299,815,046
|
41,074,495
|
|
|
Net (loss) income
attributable to Cango Inc.'s shareholders
|
|
|
|
(103,778,418)
|
|
55,886,298
|
7,656,391
|
|
(37,873,274)
|
|
299,815,046
|
41,074,495
|
|
|
(Loss) income per
ADS attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(0.95)
|
|
0.54
|
0.07
|
|
(0.31)
|
|
2.88
|
0.39
|
|
|
Diluted
|
|
|
|
(0.95)
|
|
0.48
|
0.07
|
|
(0.31)
|
|
2.57
|
0.35
|
|
|
Weighted average ADS
used to compute earnings per ADS attributable
to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
109,101,164
|
|
103,360,485
|
103,360,485
|
|
121,524,393
|
|
104,098,809
|
104,098,809
|
|
|
Diluted
|
|
|
|
109,101,164
|
|
116,491,043
|
116,491,043
|
|
121,524,393
|
|
116,516,361
|
116,516,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(34,347,812)
|
|
54,079,188
|
7,408,818
|
|
45,489,264
|
|
41,032,858
|
5,621,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
(loss) income
|
|
|
|
(138,126,230)
|
|
109,965,486
|
15,065,209
|
|
7,615,990
|
|
340,847,904
|
46,695,973
|
|
|
Total comprehensive
(loss) income attributable to Cango Inc.'s
shareholders
|
|
|
|
(138,126,230)
|
|
109,965,486
|
15,065,209
|
|
7,615,990
|
|
340,847,904
|
46,695,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data
|
|
|
|
For the three
months ended
|
|
For the years
ended
|
|
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(103,778,418)
|
|
55,886,298
|
7,656,391
|
|
(37,873,274)
|
|
299,815,046
|
41,074,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
4,592,933
|
|
3,300,621
|
452,183
|
|
38,490,513
|
|
17,114,743
|
2,344,710
|
|
|
Cost of
revenue
|
|
266,712
|
|
1,082,252
|
148,268
|
|
2,187,338
|
|
1,719,572
|
235,580
|
|
|
Sales and
marketing
|
|
968,854
|
|
352,887
|
48,345
|
|
7,715,989
|
|
2,903,897
|
397,832
|
|
|
General and
administrative
|
|
3,120,759
|
|
1,865,482
|
255,570
|
|
26,831,755
|
|
12,234,590
|
1,676,132
|
|
|
Research and
development
|
|
236,608
|
|
-
|
-
|
|
1,755,431
|
|
256,684
|
35,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net (loss) income
|
|
(99,185,485)
|
|
59,186,919
|
8,108,574
|
|
617,239
|
|
316,929,789
|
43,419,205
|
|
|
Net (loss) income
attributable to Cango Inc.'s shareholders
|
|
(99,185,485)
|
|
59,186,919
|
8,108,574
|
|
617,239
|
|
316,929,789
|
43,419,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net (loss) income per ADS-basic
|
|
(0.91)
|
|
0.57
|
0.08
|
|
0.01
|
|
3.04
|
0.42
|
|
|
Non-GAAP adjusted
net (loss) income per ADS-diluted
|
|
(0.91)
|
|
0.51
|
0.07
|
|
0.00
|
|
2.72
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
109,101,164
|
|
103,360,485
|
103,360,485
|
|
121,524,393
|
|
104,098,809
|
104,098,809
|
|
|
Weighted average ADS
outstanding—diluted
|
|
109,101,164
|
|
116,491,043
|
116,491,043
|
|
126,940,244
|
|
116,516,361
|
116,516,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results-302394553.html
SOURCE Cango Inc.
