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September 2026 Q2 2026 Earnings Presentation
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1 Disclaimer This presentation has been prepared by Cango Inc. (the “Company”) solely for information purposes and has not been independently verified. By viewing or accessing the information contained in this material, the recipient hereby acknowledges and agrees that no representations, warranties, or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors, or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness, or correctness of the information or opinions presented or contained in this presentation. None of the Company or any of its directors, shareholders, employees, agents, affiliates, advisors, or representatives accepts any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in this presentation is subject to change without notice, and its accuracy is not guaranteed. Certain statements in this presentation, and other statements that the Company may make, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect the Company’s intent, beliefs, or current expectations about the future. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” “anticipates,” “believes,” “confident” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Company’s operations and other factors, many of which are beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements. The Company or any of its affiliates, advisors, or representatives have no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. This presentation does not constitute an offer to sell or issue or an invitation or recommendation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an exemption from such registration pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations thereunder. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, these materials do not constitute a “prospectus” within the meaning of the Securities Act. In evaluating our business, we use certain non-GAAP measures as supplemental measures to review and assess our operating performance. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for net income attributable to the Company or other consolidated statement of operations data prepared in accordance with U.S. GAAP.
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2 Q2 Stable Balance sheet 1. Adjusted EDITDA includes BTC fair value change. US$(10.7 M) Adjusted EDITDA 1 US$10.1 M Cash and cash equivalents US$50.8 M Total Revenue US$47.4 M BTC Revenue The Company reported a net loss of US$81.6 million, primarily due to non-cash impairment and disposal losses on mining machines as part of a deliberate asset restructuring. While the hosted leasing model continued to lower operating costs and improve cash flow, the Company launched a Bitcoin hedging program to manage price volatility and enhance cash flow predictability. Total revenue reached US$50.8 million, with BTC mining contributing US$47.4 million. As of the end of the period, the Company held 1,056 Bitcoins as digital asset reserves, with long-term debt of the US$31.2 million, reflecting an improved balance sheet structure. SOURCE: Company data. US$31.2 M Long-term debt Balance sheet strength enhanced by disciplined treasury management and hedging initiative USDT 12.9 M Crypto currencies US$(4.1 M) BTC Fair Value Change US$81.6 M Net Loss
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3 Q2 Operational Highlights Strategically optimizing mining operations through a lean-production model that prioritizes margin resilience over raw scale 1. Cash cost per Coin includes energy costs and hosting fees. SOURCE: Company data. Operational Strategy Highlights Improving Operational Flexibility • Balanced mix of self-mining and hashrate leasing, supporting operational efficiency • Revenue-sharing arrangements with hosting partners, sustaining operations through market cycles Margin & Cost Optimization • Decommissioning inefficient miners and refining S21/S21XP deployment, improving energy efficiency in higher-cost regions • Migration of capacity to lower-cost power jurisdictions, enhancing overall mining economics Global Diversification • 27.58 EH/s operational hashrate across North America, the Middle East, South America, and East Africa 27.58 EH/s Total Operational Hashrate 7.74 EH/s Self-mining Hashrate Hashrate Leasing 19.84 EH/s 1056 BTC Production In Q2 2026 5% vs Q1 2026 US$73,313 Cash cost per Coin 1 In Q2 2026 BTC HODL as of June 30, 2026 656 Hashrate Mix as of June 30, 2026 Right-sizing self-mining while expanding leasing exposure Strategic balance of reserves and divestiture of BTC
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4 Financial Resilience $ in millions, unaudited Q1 2026 Q2 2026 Total revenues 102.0 50.8 Bitcoin mining income 98.4 47.4 Cost of revenue (Including depreciation) 129.0 67.6 Loss from fair value changes of bitcoin collateral (151.8) (4.1) Loss from operations (254.4) (80.6) General and administrative 7.2 8.4 Net loss (261.1) (81.6) Add: Adjust Items 107.0 70.9 Adjusted EBITDA (154.1) (10.7) SOURCE: Company data.
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5 Initial AI-ready capacity has been established at the Georgia LN site AI Infrastructure: Foundational Buildout Completed GEORGIA LN SITE Up to 3 MW AI-ready infrastructure with room for future expansion DEPLOYMENT STATUS Site Buildout Completed in early July, 2026 Containerized Units Arrived on site and were installed GPUs Been procured and arriving on site in batches AI
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6 Existing power and land infrastructure supports conversion to AI/HPC workloads Containerized, plug-and-play GPU clusters with integrated air cooling Self-operated GPUs + colocation; self-built sites remain an option 50 MW Power Ready capacity Competitive PPA rate Land Status 10 acres, self-owned freehold Utility Provider Georgia Power (largest utility in GA) Power Contract 50 MW; expires 2029, auto-renewable Operational flexibility No noise restrictions; no residential areas nearby; mining- friendly local government Air-cool Cooling type EXECUTION FOOTPRINT Georgia Customer onboarding underway Texas & West Coast Test nodes New Sites Under evaluation AI Infrastructure Footprint: Georgia and Beyond AI MODULAR DATA CENTER CONVERSION OPTIONALITY Georgia onboarding underway; broader footprint expansion in progress
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7 AI Commercialization Pathway: Validation, Monetization and Dual-Track Growth Development since end of 2Q26 Revenue to begin recognition in 3Q26 Commercial Monetization Technical Validation SUCCESSFUL COMMERCIALIZATION SIGNED AND PROSPECTIVE CUSTOMERS SINCE THE START OF 3Q26 TWO COMPLEMENTARY GROWTH TRACKS Bare-metal GPU Hosting Using existing sites and power infrastructure Offering a standardized deployment environment Colocation To improve overall infrastructure utilization Colocation contract under discussion Edge Cloud Provider AI Developer Cloud AI Lab
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8 Validation of modular AI compute Evaporative Cooling Section Cooling UnitInside the Facility Inside the Facility & Cooling Unit AI Compute ModuleSwitchgear Cabinet A Installed Modular Containers & Electrical Infrastructure Row of Modular Containers and Supporting Containers
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9 Building for Growth Across Mining and AI Mining and AI will continue as parallel businesses over the long term, with mining cash flow supporting the build-out of AI infrastructure AI & CUSTOMER GROWTH Execute initial AI deployments and continue signing new customers SITE EXPANSION Build on operating experience from Georgia while evaluating additional sites CAPITAL DISCIPLINE OPERATING EFFICIENCY
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September 2026 Thank You