Cango Inc. Q3 FY2025 Earnings Call

Operator: Good day, and welcome to the Cango Inc. Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I would now like to turn the conference over to Paul Yu, CEO. Please go ahead. Peng Yu: Hello, everyone, and welcome to Cango's third quarter 2025 Earnings Call. This quarter marks the 1-year anniversary of our strategic transformation into a Bitcoin miner, an important milestone for the company. Today, I will reveal our third quarter results and share how Cango continues to create long-term value in a rapidly changing market environment. During third quarter, we remain focused on our core mining operations further strengthening Cango's position with the skilled and operationally disciplined Bitcoin manner. This is clearly reflected in our financial performance. In the third quarter total revenue reached USD 225 million, up 60.6% sequentially. Operating income was USD 43.5 million and net income was USD 37.3 million. Today, Cango operates a deployed hashrate of 50 exahash globally, positioning us among the leading miners worldwide. In the third quarter, we produced 1,930.8 Bitcoins, averaging 21 Bitcoins per day, up 37.5% and in total output and 36% in daily production compared with the second quarter 2025. Leveraging our asset-light model we've built a competitive global footprint across the Americas, the Middle East and Africa in just 1 year. In our mining operations, we continue to execute our strategy to reprio