CANGO INC._2025-06-3000017251232025-06-30--12-312025Q2false00017251232025-01-012025-06-300001725123cang:ShareRepurchaseProgram2019ShareRepurchaseProgram2021ShareRepurchaseProgram2022AndShareRepurchaseProgram2023Memberus-gaap:CommonClassAMember2025-01-012025-06-300001725123cang:ShareRepurchaseProgram2019ShareRepurchaseProgram2021ShareRepurchaseProgram2022AndShareRepurchaseProgram2023Membercang:AmericanDepositarySharesMember2025-01-012025-06-300001725123cang:AmericanDepositarySharesMember2025-01-012025-06-300001725123us-gaap:TreasuryStockCommonMember2025-01-012025-06-300001725123us-gaap:TreasuryStockCommonMember2024-01-012024-06-300001725123us-gaap:CommonStockMember2024-01-012024-06-300001725123us-gaap:CommonStockMember2025-01-012025-06-300001725123us-gaap:TreasuryStockCommonMember2025-06-300001725123us-gaap:RetainedEarningsMember2025-06-300001725123us-gaap:ParentMember2025-06-300001725123us-gaap:AdditionalPaidInCapitalMember2025-06-300001725123us-gaap:TreasuryStockCommonMember2024-12-310001725123us-gaap:RetainedEarningsMember2024-12-310001725123us-gaap:ParentMember2024-12-310001725123us-gaap:AdditionalPaidInCapitalMember2024-12-310001725123us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001725123us-gaap:TreasuryStockCommonMember2024-06-300001725123us-gaap:RetainedEarningsMember2024-06-300001725123us-gaap:ParentMember2024-06-300001725123us-gaap:AdditionalPaidInCapitalMember2024-06-300001725123us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001725123us-gaap:TreasuryStockCommonMember2023-12-310001725123us-gaap:RetainedEarningsMember2023-12-310001725123us-gaap:ParentMember2023-12-310001725123us-gaap:AdditionalPaidInCapitalMember2023-12-310001725123us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001725123us-gaap:CommonStockMember2025-06-300001725123us-gaap:CommonStockMember2024-12-310001725123us-gaap:CommonStockMember2024-06-300001725123us-gaap:CommonStockMember2023-12-310001725123us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001725123us-gaap:EmployeeStockOptionMember2024-01-012024-06-3000017251232025-04-012025-04-3000017251232025-01-012025-01-310001725123cang:ShareIncentivePlan2025Memberus-gaap:SubsequentEventMember2025-10-2100017251232025-04-1500017251232025-01-020001725123cang:ShareIncentivePlan2025Memberus-gaap:SubsequentEventMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-10-212025-10-210001725123cang:ShareIncentivePlan2025Memberus-gaap:SubsequentEventMember2025-10-212025-10-210001725123country:VGcang:BitcoinMiningBusinessSegmentMember2025-01-012025-06-300001725123cang:OtherCountriesMembercang:InternationalAutomobileTradingBusinessSegmentMember2025-01-012025-06-300001725123cang:OtherCountriesMember2025-01-012025-06-300001725123cang:InternationalAutomobileTradingBusinessSegmentMember2025-01-012025-06-300001725123cang:BitcoinMiningBusinessSegmentMember2025-01-012025-06-300001725123cang:InternationalAutomobileTradingIncomeMember2025-01-012025-06-300001725123cang:CryptoAssetMiningMember2025-01-012025-06-300001725123srt:MinimumMembercang:OfficeAndElectronicEquipmentMember2025-06-300001725123srt:MaximumMembercang:OfficeAndElectronicEquipmentMember2025-06-300001725123cang:OfficeAndElectronicEquipmentMember2025-06-300001725123us-gaap:OfficeEquipmentMember2024-12-310001725123us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001725123us-gaap:EmployeeStockOptionMember2024-01-012024-06-300001725123cang:EmployeesMember2024-12-310001725123us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001725123us-gaap:RetainedEarningsMember2025-01-012025-06-300001725123us-gaap:RetainedEarningsMember2024-01-012024-06-300001725123country:VG2025-01-012025-06-300001725123country:KY2024-01-012024-06-300001725123country:HK2024-01-012024-06-300001725123us-gaap:CommonClassBMember2025-01-012025-06-300001725123us-gaap:CommonClassBMember2024-01-012024-06-300001725123us-gaap:MaterialReconcilingItemsMember2025-01-012025-06-300001725123country:US2025-01-012025-06-300001725123cang:MiningMachineLoanMemberus-gaap:SubsequentEventMember2025-08-142025-08-140001725123cang:MiningMachineLoanMemberus-gaap:SubsequentEventMember2025-08-140001725123us-gaap:OperatingSegmentsMembercang:InternationalAutomobileTradingBusinessSegmentMember2025-01-012025-06-300001725123cang:OneBitcoinMiningCustomerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-06-300001725123us-gaap:CommonClassBMember2025-06-300001725123us-gaap:CommonClassAMember2025-06-300001725123us-gaap:CommonClassBMember2024-12-310001725123us-gaap:CommonClassAMember2024-12-3100017251232023-12-310001725123us-gaap:MaterialReconcilingItemsMember2025-06-3000017251232024-06-300001725123us-gaap:DiscontinuedOperationsDisposedOfBySaleMembercang:PrcBusinessMember2025-05-270001725123us-gaap:SellingAndMarketingExpenseMemberus-gaap:SegmentDiscontinuedOperationsMember2025-01-012025-06-300001725123us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:SegmentContinuingOperationsMember2025-01-012025-06-300001725123us-gaap:CostOfSalesMemberus-gaap:SegmentDiscontinuedOperationsMember2025-01-012025-06-300001725123us-gaap:SellingAndMarketingExpenseMemberus-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-06-300001725123us-gaap:ResearchAndDevelopmentExpenseMemberus-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-06-300001725123us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:SegmentContinuingOperationsMember2024-01-012024-06-300001725123us-gaap:CostOfSalesMemberus-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-06-300001725123us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001725123us-gaap:ParentMember2024-01-012024-06-300001725123us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-3000017251232025-04-152025-04-1500017251232025-01-022025-01-020001725123us-gaap:ParentMember2025-01-012025-06-300001725123us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001725123us-gaap:OperatingSegmentsMembercang:InternationalAutomobileTradingBusinessSegmentMember2025-06-300001725123cang:EnterpriseIncomeTaxLawMember2025-01-012025-06-300001725123cang:ShareIncentivePlan2025Memberus-gaap:SubsequentEventMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-10-212025-10-2100017251232025-06-272025-06-2700017251232025-01-272025-01-2700017251232025-06-270001725123us-gaap:OperatingSegmentsMembersrt:NorthAmericaMembercang:BitcoinMiningBusinessSegmentMember2025-06-300001725123us-gaap:OperatingSegmentsMembersrt:AsiaMembercang:BitcoinMiningBusinessSegmentMember2025-06-300001725123us-gaap:OperatingSegmentsMembersrt:AfricaMembercang:BitcoinMiningBusinessSegmentMember2025-06-300001725123us-gaap:OperatingSegmentsMembercang:OtherCountriesMembercang:BitcoinMiningBusinessSegmentMember2025-06-300001725123srt:NorthAmericaMember2025-06-300001725123srt:AsiaMember2025-06-300001725123srt:AfricaMember2025-06-300001725123cang:OtherCountriesMember2025-06-300001725123us-gaap:OperatingSegmentsMembersrt:NorthAmericaMembercang:BitcoinMiningBusinessSegmentMember2024-12-310001725123us-gaap:OperatingSegmentsMembersrt:AsiaMembercang:BitcoinMiningBusinessSegmentMember2024-12-310001725123us-gaap:OperatingSegmentsMembersrt:AfricaMembercang:BitcoinMiningBusinessSegmentMember2024-12-310001725123us-gaap:OperatingSegmentsMembercang:OtherCountriesMembercang:BitcoinMiningBusinessSegmentMember2024-12-310001725123us-gaap:OperatingSegmentsMembercang:BitcoinMiningBusinessSegmentMember2024-12-310001725123us-gaap:MaterialReconcilingItemsMembersrt:AsiaMember2024-12-310001725123us-gaap:MaterialReconcilingItemsMember2024-12-310001725123srt:NorthAmericaMember2024-12-310001725123srt:AsiaMember2024-12-310001725123srt:AfricaMember2024-12-310001725123cang:OtherCountriesMember2024-12-310001725123us-gaap:CommonClassAMember2025-01-012025-06-300001725123us-gaap:CommonClassAMember2024-01-012024-06-300001725123country:KY2025-01-012025-06-300001725123country:HK2025-01-012025-06-300001725123us-gaap:DiscontinuedOperationsDisposedOfBySaleMembercang:PrcBusinessMember2025-01-012025-06-300001725123us-gaap:DiscontinuedOperationsDisposedOfBySaleMembercang:PrcBusinessMember2024-01-012024-06-300001725123us-gaap:DiscontinuedOperationsDisposedOfBySaleMembercang:PrcBusinessMember2024-12-310001725123us-gaap:DiscontinuedOperationsDisposedOfBySaleMembercang:PrcBusinessMember2025-05-272025-05-270001725123cang:NewEnergyInnovationPteLtdMember2025-01-012025-06-300001725123cang:GreenVoltTechnologyLlcMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsRpLimitedMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsOmLimitedMember2025-01-012025-06-300001725123cang:GreenvoltInnovationsLlcMember2025-01-012025-06-300001725123cang:GreenvoltInnovationsLimitedMember2025-01-012025-06-300001725123cang:GreenvoltInnovationsHkLimitedMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsEtLimitedMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsCanadaLimitedMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsCaLimitedMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsAa2LlcMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsAa2LimitedMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsAa1LlcMember2025-01-012025-06-300001725123cang:GreenVoltInnovationsAa1LimitedMember2025-01-012025-06-300001725123cang:EcoHashLlcMember2025-01-012025-06-300001725123cang:AutocangoLimitedMember2025-01-012025-06-3000017251232024-01-012024-06-300001725123us-gaap:OperatingSegmentsMembercang:BitcoinMiningBusinessSegmentMember2025-01-012025-06-300001725123us-gaap:OperatingSegmentsMember2025-01-012025-06-300001725123us-gaap:SubsequentEventMember2025-08-140001725123us-gaap:OperatingSegmentsMembercang:BitcoinMiningBusinessSegmentMember2025-06-300001725123us-gaap:OperatingSegmentsMember2025-06-300001725123us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001725123us-gaap:FairValueMeasurementsRecurringMember2025-06-300001725123us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001725123us-gaap:FairValueMeasurementsRecurringMember2024-12-3100017251232025-06-3000017251232024-12-31iso4217:USDxbrli:purexbrli:sharescang:Dcang:trancheiso4217:USDxbrli:sharescang:segment
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission File Number: 001-38590
CANGO INC.
3131 McKinney Avenue
Dallas, Texas 75204, U.S.A.
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| CANGO INC. |
| By: | /s/ Yongyi Zhang |
| Name: | Yongyi Zhang |
| Title: | Chief Financial Officer |
Date: November 17, 2025 | | |
