Colvin to replace long-time CEO Bonnie Kintzer following retirement

NEW YORK, May 14, 2025 /PRNewswire/ — Trusted Media Brands, the community-driven entertainment company home to brands like Taste of Home, The Pet Collective, Family Handyman, FailArmy, The Healthy and Reader’s Digest, todayannounced that Stephen Colvin has been appointed as Chief Executive Officer. Colvin will replace long-time CEO Bonnie Kintzer, who recently announced her retirement after 11 years in the role.

Colvin is currently the CEO of Nivloc Media, where he serves as a strategic advisor on revenue generation, marketing and day-to-day operations for numerous clients. From 2017 to 2023 Colvin worked at Bloomberg Media as both Global Head of the events division Bloomberg Live and 5 years as Global Chief Commercial Officer where he was responsible for sales, marketing and research for all media platforms including digital, streaming video, TV, events, social and podcasts. Under his tenure revenues grew exponentially.

“I’ve always been impressed by Trusted Media Brands’s exciting portfolio of diverse content, its culture of innovation and its position as a leader in FAST,” said Colvin. “I look forward to leading the company in its next chapter of building best-in-class content, accelerating revenue growth and expanding our partnerships.”

Prior to Bloomberg, Colvin held various senior executive roles in media including CEO of Robb Report, CEO of Newsweek and The Daily Beast, EVP of CBS Interactive and CEO of Dennis Publishing US where he was employee number one.

Colvin joins Trusted Media Brands during a pivotal time in its continued evolution. In March, the company launched its Trusted Creators Program for Taste of Home, a collaboration that goes beyond just sharing content by providing emerging creators with access to internal workshops, insights, brainstorms and resources. Creator partners are delivering one original video per week and are already outperforming views and engagement benchmarks by 62% and 48%, respectively.

Additionally, At Home With Family Handyman continues to deliver as the fastest-growing channel within the FAST portfolio with an average daily watch time exceeding 90 minutes. The company’s collective portfolio of channels garners 12 billion minutes of watch time annually.

“Trusted Media Brands has undergone such an amazing transformation, and I am incredibly proud of the work we have accomplished. I truly believe it’s only the beginning,” said Kintzer. “Stephen is the perfect choice for the role with his proven track record of driving exceptional business growth, and I am delighted to pass the torch to him and look forward to seeing where he takes our best-in-class brands and unique audience reach.”

About Trusted Media Brands

Trusted Media Brands is the community-driven entertainment company engaging more than 250 million consumers worldwide across streaming TV, social media, web and print. Our portfolio of brands including FailArmy, Family Handyman, People Are Awesome, Reader’s Digest, Taste of Home, The Healthy, and The Pet Collective, is powered by content that’s inspired and created by our fans. Together our community sparks curiosity, fuels laughter, and inspires people to live big, full, fantastic lives. Learn more about our brands, our data-driven marketing solutions, our award-winning licensing services, and much more at trustedmediabrands.com.

Media Contact
JSA+Partners
TMB@jsapartners.co

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SOURCE Trusted Media Brands

As momentum continues to build in the weeks leading up to the industry’s highly anticipated annual conference for CIOs and IT leaders, Info-Tech Research Group has announced three new featured speakers for Info-Tech LIVE 2025 in Las Vegas in June. The newly revealed speakers include Zack Kass, former Head of Go-to-Market at OpenAI; Bob Leek, CIO for Clark County, Nevada; and David Tyburski, VP of Information Security and CISO at Wynn Resorts – leading voices in AI, public sector innovation, and cybersecurity. Their keynotes will offer clarity, strategy, and practical insights into today’s most urgent IT challenges by providing diverse perspectives on how technology is reshaping industries, institutions, and leadership itself.

TORONTO, May 14, 2025 /CNW/ – Info-Tech Research Group, a leading global IT research and advisory firm, has announced three additional featured speakers for its upcoming Info-Tech LIVE 2025 in Las Vegas IT conference. The speakers are Zack Kass, former Head of Go-to-Market at OpenAI; Bob Leek, CIO for Clark County, Nevada; and David Tyburski, VP of Information Security and CISO at Wynn Resorts. These speakers will share their expertise in AI innovation, public sector leadership, and enterprise cybersecurity on the main stage of the firm’s flagship event, taking place June 10-12, 2025, at Bellagio in Las Vegas.

Info-Tech LIVE 2025 will bring together thousands of CIOs, CDOs, CISOs, and IT leaders for three days of forward-looking keynotes, analyst insights, and peer-to-peer engagement. The urgency and opportunity facing technology leaders today as they navigate disruption and guide innovation is reflected in this year’s theme “Transform IT. Transform everything.”

“These featured speakers for Info-Tech LIVE 2025 in Las Vegas reflect the evolving priorities and pressures facing IT leaders today, across all industries and markets,” says Chief Research Officer at Info-Tech Research Group, Gord Harrison. “From redefining how organizations engage with AI, to transforming public service delivery, to defending digital infrastructure in high-stakes industries, these leaders bring critical insight into the future of IT. Together, their perspectives will help attendees move beyond awareness and take strategic, confident action.”

Newly Announced Featured Speakers for Info-Tech LIVE 2025 in Las Vegas:

The latest additions to Info-Tech’s 2025 speaker roster offer attendees a wealth of expertise shaped by decades of hands-on leadership, consulting, and innovation. Their sessions will provide fresh perspectives on current enterprise challenges, from navigating emerging technologies and compliance demands to scaling transformation strategies and aligning IT investments with business growth. The newly announced speakers include:

Zack Kass, Global AI Advisor, Former Head of Go-to-Market, OpenAI
Zack Kass is a futurist and global advisor who helps Fortune 1000 companies and governments adapt to the rapidly changing AI landscape. As the former Head of Go-to-Market at OpenAI, he helped build and lead the teams responsible for translating research into real-world applications. Kass now works to demystify AI and shape a future where the technology serves people and society.Bob Leek, CIO for Clark County, Nevada
Bob Leek serves as CIO for Clark County, Nevada, supporting over 2.4 million residents, 90,000 businesses, and more than 50 million visitors annually. With more than 25 years of experience across the public and private sectors, Leek focuses on transformational change, inclusive leadership, and the use of technology to improve outcomes for the communities he serves.David Tyburski, VP of Information Security and Chief Information Security Officer for Wynn Resorts
David Tyburski leads Wynn Resorts’ global cybersecurity strategy, overseeing identity and access, risk management, and incident response. With over 30 years in IT and security, Tyburski also advises on multiple industry boards and serves on the Nevada State Information Technology Advisory Board.

Info-Tech LIVE 2025 in Las Vegas will provide actionable strategies and in-depth research insights to IT leaders and executives across industries. Attendees will have the opportunity to engage with Info-Tech’s expert analysts, participate in interactive sessions and roundtables, and gain critical knowledge on the rapidly evolving IT landscape. The conference will also feature an impressive lineup of keynote speakers, workshops, and networking events tailored to equip attendees with the tools to drive Exponential IT transformation. Further announcements will be released in the weeks leading up to the conference.

For the latest details, visit the Info-Tech LIVE 2025 in Las Vegas page, and follow Info-Tech Research Group on LinkedIn and X. 

Media Passes for Info-Tech LIVE 2025 in Las Vegas

Media professionals, including journalists, podcasters, and influencers, are invited to attend Info-Tech LIVE 2025 to gain exclusive access to research, content, and interviews with industry leaders. For those unable to attend in person, Info-Tech offers a digital pass option, providing access to live-streamed keynotes, select sessions, and exclusive virtual interviews with speakers and analysts.

Media professionals looking to apply for in-person or digital passes can contact pr@infotech.com to secure their spot and cover the latest advancements in IT for their audiences.

Exhibitor Opportunities 

Exhibitors are also invited to be part of Info-Tech LIVE and showcase their products and services to a highly engaged audience of IT decision-makers. For more information about becoming an Info-Tech LIVE exhibitor, please contact events@infotech.com. 

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software-buying insights. 

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

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SOURCE Info-Tech Research Group

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 Operational Highlights

Total revenues were RMB1.1 billion (US$145.2 million), a significant increase from RMB64.4 million in the same period of 2024. This surge was primarily attributable to our Bitcoin 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 quarter. The average cost to mine Bitcoin, excluding depreciation of mining machines, was US$70,602.1 per Bitcoin in the quarter.

Adjusted EBITDA was RMB27.6 million (US$3.8 million) in the first quarter of 2025.

The total balance of cash and cash equivalents and short-term investments was RMB2.5 billion (US$347.4 million) as of March 31, 2025.

The total outstanding balance of financing transactions the Company facilitated was RMB2.6 billion (US$358.4 million) as of March 31, 2025. Our credit risk exposure has decreased, with only RMB762.4 million (US$105.1 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 2.86% and 1.59%, respectively, as of March 31, 2025, compared with 3.24% and 1.78%, respectively, as of December 31, 2024.

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 RMB1.1 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.

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 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 of 2025 were RMB415,981 (US$57,324), compared with RMB3.5 million in the same period of 2024.

General and administrative expenses in the first quarter of 2025 were RMB92.5 million (US$12.8 million), compared with RMB37.9 million in the same period of 2024.

Research and development expenses in the first quarter of 2025 were RMB324,991 (US$44,785), compared with RMB1.1 million in the same period of 2024.

Net gain on contingent risk assurance liabilities in the first quarter of 2025 was RMB5.3 million (US$726,124), compared with RMB15.0 million in the same period of 2024.

Net recovery on provision for credit losses in the first quarter of 2025 was RMB28.7 million (US$4.0 million), compared with RMB66.3 million in the same period of 2024.

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 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 investments of RMB5.2 million (US$715,049) compared with RMB1.2 billion as of December 31, 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 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.

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:

The replay will be accessible through May 21, 2025, by dialing the following numbers:

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.

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.

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

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SOURCE Cango Inc.