CANG 6-K

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 May 2025

Commission File Number: 001-38590

CANGO INC.

8F, New Bund Oriental Plaza II

556 West Haiyang Road, Pudong New Area

Shanghai 200124

People’s Republic of China

(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.

Form 20-F x            Form 40-F ¨

EXHIBIT INDEX

Exhibit 99.1 — Cango Inc. Reports First Quarter 2025 Unaudited Financial Results

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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: May 15, 2025

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Exhibit 99.1

Cango Inc. Reports First Quarter 2025 UnauditedFinancial Results

SHANGHAI, May 14, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its unaudited financial results for the first quarter of 2025.

First Quarter 2025 Financial and OperationalHighlights

·	Total revenues were RMB1.1 billion (US$145.2<br>million), a significant increase from RMB64.4 million in the same period of 2024. This surge was primarily attributable to our Bitcoin<br>mining business, which generated revenues of RMB1.0 billion (US$144.2 million) in the quarter.
·	A total of 1,541 Bitcoins were mined during the<br>quarter. The average cost to mine Bitcoin, excluding depreciation of mining machines, was US$70,602.1 per Bitcoin in the quarter.
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·	Adjusted EBITDA was RMB27.6 million (US$3.8 million)<br>in the first quarter of 2025.
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·	The total balance of cash and cash equivalents<br>and short-term investments was RMB2.5 billion (US$347.4 million) as of March 31, 2025.
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·	The total outstanding balance of financing transactions<br>the Company facilitated was RMB2.6 billion (US$358.4 million) as of March 31, 2025. Our credit risk exposure has decreased, with<br>only RMB762.4 million (US$105.1 million) of outstanding loan balances where the Company bears credit risks that have not been provided<br>with full bad debt allowance or full risk assurance liabilities. M1+ and M3+ overdue ratios for all outstanding financing transactions<br>facilitated by the Company that have not been provided with full bad debt allowance or full risk assurance liabilities were 2.86% and<br>1.59%, respectively, as of March 31, 2025, compared with 3.24% and 1.78%, respectively, as of December 31, 2024.
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Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “The first quarter of 2025 marked a new chapter of growth for Cango following our entry into the Bitcoin mining industry in November 2024. Fueled by the strong performance of our mining operations, we generated total revenues of RMB 1.1 billion for the quarter. Throughout the quarter, we focused on enhancing our operational efficiency and mined a total of 1,541 Bitcoins, up substantially from 933.8 Bitcoins last quarter. By the end of April, we produced 2,945 Bitcoins from the inception of our Bitcoin mining business.”

“Given our strong confidence in the Bitcoin's long-term value appreciation potential, we have adopted a “Mine and Hold” strategy, prioritizing both self-mining and long-term holding. Currently, we operate 32 EH/s of computing power, positioning us among the world’s top-tier Bitcoin miners. We expect to add another 18 EH/s by the end of July 2025. Looking ahead, we will continue to consolidate and optimize our existing computing resources to maximize efficiency while actively exploring high-quality M&A opportunities to further scale our operations and deliver long-term value to all stakeholders,” concluded Mr. Lin.

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Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, “We are pleased to report another solid financial performance this quarter, highlighted by total revenue of RMB1.1 billion and a strong balance sheet. We also continued to reduce our credit risk exposure, further bolstering our financial position and flexibility. Supported by this robust foundation, we are well-positioned to expand the Bitcoin mining business and holistically drive the Company’s growth.”

First Quarter 2025 Financial Results

REVENUES

Total revenues in the first quarter of 2025 were RMB1.1 billion (US$145.2 million), compared with RMB64.4 million in the same period of 2024. 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 RMB1.0 billion (US$144.2 million), with a total of 1,541 Bitcoins mined in the first quarter of 2025.

Revenue from automotive trading-related income^1^ was RMB7.6 million (US$1.0 million), compared with RMB64.4 million in the same period of 2024.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses in the first quarter of 2025 were RMB1.2 billion (US$166.7 million). These costs were primarily associated with our Bitcoin mining business.

·	Cost of revenue in the first quarter of 2025<br>was RMB955.1 million (US$131.6 million), compared with RMB29.1 million in the same period of 2024.
·	Sales and marketing expenses in the first quarter<br>of 2025 were RMB415,981 (US$57,324), compared with RMB3.5 million in the same period of 2024.
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·	General and administrative expenses in the first<br>quarter of 2025 were RMB92.5 million (US$12.8 million), compared with RMB37.9 million in the same period of 2024.
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·	Research and development expenses in the first<br>quarter of 2025 were RMB324,991 (US$44,785), compared with RMB1.1 million in the same period of 2024.
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·	Net gain on contingent risk assurance liabilities<br>in the first quarter of 2025 was RMB5.3 million (US$726,124), compared with RMB15.0 million in the same period of 2024.
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·	Net recovery on provision for credit losses in<br>the first quarter of 2025 was RMB28.7 million (US$4.0 million), compared with RMB66.3 million in the same period of 2024.
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^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.

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INCOME (LOSS) FROM OPERATIONS

Loss from operations in the first quarter of 2025 was RMB155.5 million (US$21.4 million) compared with income from operations of RMB74.2 million in the same period of 2024.

NET INCOME (LOSS) AND NET INCOME (LOSS) PER ADS

Net loss in the first quarter of 2025 was RMB207.4 million (US$28.6 million) compared with net income of RMB90.0 million in the same period of 2024. Basic and diluted net loss per American Depositary Share (the “ADS”) in the first quarter of 2025 were both RMB2.00 (US$0.28). Each ADS represents two Class A ordinary shares of the Company.

ADJUSTED EBITDA

Adjusted EBITDA in the first quarter of 2025 was RMB27.6 million (US$3.8 million) compared with RMB108.4 million in the same period of 2024.

BALANCE SHEET

·	As of March 31, 2025, the Company had cash<br>and cash equivalents of RMB2.5 billion (US$346.7 million) compared with RMB1.3 billion as of December 31, 2024.
·	As of March 31, 2025, the Company had short-term<br>investments of RMB5.2 million (US$715,049) compared with RMB1.2 billion as of December 31, 2024.
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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 July. 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 as of April 25, 2025, the day on which the program expired.

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Conference Call Information

The Company's management will hold a conference call on Wednesday, May 14, 2025, at 9:00 P.M. Eastern Time or Thursday, May 15, 2025, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:	+1-412-902-4272
United States Toll Free:	+1-888-346-8982
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Mainland China Toll Free:	4001-201-203
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Hong Kong, China Toll Free:	800-905-945
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Conference ID:	Cango Inc.
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The replay will be accessible through May 21, 2025, by dialing the following numbers:

International:	+1-412-317-0088
United States Toll Free:	+1-877-344-7529
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Access Code:	8016651
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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. 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.

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Use of Non-GAAP Financial Measure

As part of our review of business performance, we present adjusted EBITDA as Non-GAAP financial measure to help assess our core operating results. Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and amortization, and further excludes share-based compensation expenses and other non-operating income and expenses. We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments.

While adjusted EBITDA is not a measure defined under U.S. GAAP, management uses it to evaluate performance, make strategic decisions, and set operating plans. Management believes it also helps investors gain a clearer understanding of our underlying performance by excluding certain costs and expenses that management believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP.

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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

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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: [email protected]

Helen Wu

Piacente Financial Communications

Tel: +86 10 6508 0677

Email: [email protected]

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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, <br> 2024			As of March 31,<br> 2025
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	(Audited)			(Unaudited)			(Unaudited)
	RMB			RMB			US
ASSETS:
Current assets:
Cash and cash equivalents		1,289,629,981			2,515,712,358
Restricted cash - current		10,813,746			11,210,722
Short-term investments, net		1,231,171,751			5,188,899
Accounts receivable, net		22,991,951			15,801,108
Finance lease receivables - current, net		20,685,475			19,332,969
Financing receivables, net		5,685,096			3,722,236
Short-term contract asset, net		33,719,944			19,860,987
Prepayments and other current assets, net		226,352,004			362,016,043
Receivable for bitcoin collateral, net		617,057,765			1,464,654,137
Total current assets		3,458,107,713			4,417,499,459
Non-current assets:
Restricted cash - non-current		287,425,602			161,939,581
Long-term investment		-			400,000,000
Mining machines, net		1,772,319,041			1,619,608,093
Property and equipment, net		6,634,509			6,205,894
Intangible assets, net		47,425,617			47,259,479
Long-term contract asset, net		17,551,040			348,864
Finance lease receivables - non-current, net		9,309,227			3,648,111
Operating lease right-of-use assets, net		40,788,977			38,789,517
Other non-current assets, net		329,761,833			359,761,832
Total non-current assets		2,511,215,846			2,637,561,371
TOTAL ASSETS		5,969,323,559			7,055,060,830
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debts		124,584,293			790,393,522
Accrued expenses and other current liabilities		1,348,300,779			1,999,990,186
Deferred guarantee income		11,787,712			7,974,712
Contingent risk assurance liabilities		31,190,425			20,979,625
Income tax payable		311,130,341			314,258,152
Short-term lease liabilities		7,912,420			7,639,264
Total current liabilities		1,834,905,970			3,141,235,461
Non-current liabilities:
Deferred tax liability		10,724,133			10,724,133
Long-term operating lease liabilities		37,044,466			35,769,502
Other non-current liabilities		19,118			18,131
Total non-current liabilities		47,787,717			46,511,766
Total liabilities		1,882,693,687			3,187,747,227
Shareholders’ equity
Ordinary shares		199,087			199,087
Treasury shares		(756,517,941	)		(754,199,105	)		)
Additional paid-in capital		4,725,877,432			4,749,907,787
Accumulated other comprehensive income		152,882,024			114,572,087
Accumulated deficit		(35,810,730	)		(243,166,253	)		)
Total Cango Inc.’s  equity		4,086,629,872			3,867,313,603
Total shareholders' equity		4,086,629,872			3,867,313,603
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,969,323,559			7,055,060,830

All values are in US Dollars.

CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME (LOSS)(Amounts in Renminbi (“RMB”) and US dollar (“US$”), except for number of shares and per share data)
	Three months ended March 31
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	2024			2025
	(Unaudited)			(Unaudited)			(Unaudited)
	RMB			RMB			US
Revenues		64,422,494			1,053,883,166
Bitcoin mining income		-			1,046,266,997
Loan facilitation income and other related income		13,821,022			(829,251	)		)
Guarantee income		30,259,581			4,043,650
Leasing income		4,939,712			2,088,483
After-market services income		11,637,788			776,803
Automobile trading income		3,445,040			70,796
Others		319,351			1,465,688
Operating cost and expenses:
Cost of revenue		29,058,868			955,091,082
Sales and marketing		3,548,273			415,981
General and administrative		37,923,531			92,536,718
Research and development		1,098,105			324,991
Net gain on contingent risk assurance liabilities		(15,018,246	)		(5,269,261	)		)
Net recovery on provision for credit losses		(66,339,084	)		(28,702,162	)		)
Loss from change in fair value of receivable for bitcoin collateral		-			194,957,999
Total operation cost and expense		(9,728,553	)		1,209,355,348
(Loss) income from operations		74,151,047			(155,472,182	)		)
Interest income		16,503,965			2,152,469
Net investment income		10,984,524			-
Interest expense		-			(9,517,781	)		)
Foreign exchange gain (loss), net		131,689			(818,002	)		)
Other income		832,551			13,609,872
Other expenses		(535,390	)		(54,180,931	)		)
Net income (loss) before income taxes		102,068,386			(204,226,555	)		)
Income tax expense		(12,041,600	)		(3,128,968	)		)
Net income (loss)		90,026,786			(207,355,523	)		)
Net income (loss) attributable to Cango Inc.’s shareholders		90,026,786			(207,355,523	)		)
Earnings (losses) per ADS attributable to ordinary shareholders:
Basic		0.85			(2.00	)		)
Diluted		0.80			(2.00	)		)
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders:
Basic		105,521,018			103,783,087
Diluted		112,786,810			103,783,087
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment		20,894,928			(38,309,937	)		)
Total comprehensive income (loss)		110,921,714			(245,665,460	)		)
Total comprehensive income (loss) attributable to Cango Inc.’s shareholders		110,921,714			(245,665,460	)		)

All values are in US Dollars.

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
	Three months ended March 31
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	2024		2025
	(Unaudited)		(Unaudited)			(Unaudited)
	RMB		RMB			US
Net (loss) income		90,026,786		(207,355,523	)		)
Add: Interest expense		-		9,517,781
Add: Income tax expenses		12,041,600		3,128,968
Add: Depreciation and amortization		927,576		155,503,915
Cost of revenue		-		154,944,205
General and administrative		879,591		559,710
Research and development		47,985		-
Add: Other expenses		535,390		54,180,931
Less: Other income		832,551		13,609,872
Add: Share-based compensation expenses		5,717,422		26,187,822
Cost of revenue		254,391		58,766
Sales and marketing		1,046,659		339,524
General and administrative		4,416,372		25,783,442
Research and development		-		6,090
Non-GAAP adjusted EBITDA		108,416,223		27,554,022
Non-GAAP adjusted EBITDA attributable to Cango Inc.’s shareholders		108,416,223		27,554,022

All values are in US Dollars.