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Cango Inc. Presents Key Highlights of Its Filed Annual Report

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SHANGHAI, March 27, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG), a rapidly expanding leader in Bitcoin mining, today announced key highlights from its filed annual report, marked by a successful pivot towards cryptocurrency mining and significant operational milestones, including securing its position as the third-largest publicly traded miner globally and a 400% year-over-year revenue increase. 

Fourth Quarter & Full Year 2024 Financial Performance

The Company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, reflecting a 400% year-over-year increase. This growth was primarily driven by the launch of its Bitcoin mining business, which generated RMB653.0 million (US$89.5 million) in revenues. Net income for the quarter was RMB55.9 million (US$7.7 million), a notable turnaround from a net loss of RMB103.8 million in Q4 2023. Cango maintained strong liquidity with cash, cash equivalents, and short-term investments totaling RMB2.5 billion (US$345.3 million) as of December 31, 2024. 

For the full year, Cango reported total revenues of RMB804.5 million (US$110.2 million), with net income reaching RMB299.8 million (US$41.1 million), a significant turnaround from a net loss of RMB37.9 million in 2023. The results reflect the successful integration of Bitcoin mining operations alongside ongoing optimization of its legacy automotive services. 

Bitcoin Mining Operational Highlights

Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capacity in Q4 2024, securing its position as the third-largest publicly traded miner globally. During the quarter, the Company mined 933.8 Bitcoin, achieving an industry-leading efficiency of 17.81 BTC per EH/s. Operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of US$67,769.9 per Bitcoin (excluding depreciation). As of December 31, 2024, Cango held a total of 933.8 Bitcoin, aligning with its long-term accumulation strategy. 

Cango’s mining operations span five countries, including the United States (38% of total hashrate), East Africa (37%), Oman, Paraguay, and Canada. Approximately 90% of its fleet comprises water-cooled Bitmain S19XP Hyd. machines, ensuring competitive energy efficiency and operational stability. 

Looking ahead, the Company plans to expand its hashrate to 50 EH/s by the end of July 2025 through the completion of its second-phase asset acquisition. Cango aims to further reduce energy costs by leveraging favorable regulatory developments in traditional energy markets and exploring partnerships for sustainable power solutions. Additionally, Cango is committed to enhancing its presence in the digital asset ecosystem while maintaining a disciplined approach to managing its Bitcoin holdings. 

Media Contact

Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

View original content:https://www.prnewswire.co.uk/news-releases/cango-inc-presents-key-highlights-of-its-filed-annual-report-302413107.html

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Commvault Announces Fourth Quarter Fiscal 2025 Earnings Release Date

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TINTON FALLS, N.J., April 2, 2025 /PRNewswire/ — Commvault (NASDAQ: CVLT) – Commvault will webcast a discussion of its fourth quarter fiscal year 2025 earnings results on Tuesday, April 29, 2025 beginning at 8:30 a.m. EST at http://ir.commvault.com.

Investors can access the live webcast by visiting http://ir.commvault.com. Investors may also access the call by dialing Toll Free: (800) 715-9871 or International: (646) 307-1963 and referencing Event ID 7414480. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available at http://ir.commvault.com.

About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.

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CLO and BeProduct Launch CLO-Vise PLM Plug-in, Transforming Digital Workflow in the Fashion Industry

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CLO Virtual Fashion Inc., an industry leader in 3D garment design & visualization technologies, and BeProduct, a next-generation digital product/product lifecycle management (PLM) platform known for its intuitive, cloud-based solution, are proud to announce the launch of the BeProduct PLM plug-in.

NEW YORK, April 2, 2025 /PRNewswire-PRWeb/ — CLO and BeProduct Launch CLO-Vise PLM Plug-in, Transforming Digital Workflow in the Fashion Industry

We are thrilled to make this plug-in available to our customers, stated Joy Foo, Head of Partnerships at BeProduct. This integration not only enhances our platform but also provides our users with the tools they need to streamline their workflows and bring products to market faster.

CLO Virtual Fashion Inc., an industry leader in 3D garment design & visualization technologies, and BeProduct, a next-generation digital product/product lifecycle management (PLM) platform known for its intuitive, cloud-based solution, are proud to announce the launch of the BeProduct PLM plug-in.

With the new CLO-Vise plug-in for BeProduct PLM, brands and designers using the BeProduct PLM platform can effortlessly access a comprehensive spectrum of product information, including color, material, and trims, all within the CLO environment. This integration empowers users to publish CLO-based 3D assets to PLM, including project files, 3D visualization files, colorway information, and renders. By combining BeProduct’s Digital Product Creation (DPC) solution with CLO’s 3D garment design tools, users can centralize 3D assets, standardize digital workflows, accelerate approvals, and collaborate globally, significantly enhancing the design and development process.

Key benefits of the CLO-vise plug-in include:

Save Time: Streamlined design and development process for faster product development.Reduced Development Costs: Optimization of resources and expenses associated with product development.Reduced Material Consumption: Enhanced sustainability through efficient design practices.Efficient Product Development Process: Better collaboration and communication across teams.Increased Efficiency and Productivity: Allow designers to focus on creativity rather than administrative tasks.Leverage Full Potential of 3D: Better visualization and decision-making.Faster Speed to Market: Accelerate the journey from concept to consumer.

“The integration of CLO 3D and BeProduct PLM through CLO-Vise makes a meaningful step towards streamlining digital product creation.” Said Hemant Khandagale, Product Manager at CLO Virtual Fashion. “By aligning 3D design with structured product data, we’re enabling teams to work with greater clarity and cohesion – supporting faster decisions and more agile product development.”

“We are thrilled to make this plug-in available to our customers,” stated Joy Foo, Head of Partnerships at BeProduct. “This integration not only enhances our platform but also provides our users with the tools they need to streamline their workflows and bring products to market faster. Together, we are setting a new standard for efficiency & collaboration.”

For more information, please visit clo3d.com and beproduct.com.

About CLO Virtual Fashion

CLO Virtual Fashion is the creator of CLO, the leading 3D fashion design software used and trusted by designers, small businesses, and titans of the fashion industry to achieve a seamless digital workflow. With over two decades of research and development in accurate garment simulation, CLO Virtual Fashion’s mission is to empower users at every step of the garment journey, from concept to design, manufacturing to marketing, and fitting to styling. In addition to 3D garment design software, CLO Virtual Fashion’s products include CLO-SET (a digital asset management and collaboration platform), CONNECT (a digital fashion hub and marketplace), and consumer-facing solutions such as e-commerce virtual fittings. CLO’s interconnected and ever-growing product ecosystem is built to power the future of everything related to garments.

About BeProduct

BeProduct empowers brands, retailers, and manufacturers to transform their product development process by merging operational efficiency with creative innovation. Designed with collaboration at its core, BeProduct offers a uniquely flexible and comprehensive solution, free from the rigidity and high costs of traditional PLM tools.

Media Contact

Joy Foo, BeProduct, 1 646-820-5101, joy.foo@beproduct.com, www.beproduct.com 

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Fritz & Company Serves as Exclusive Financial Advisor to Willowglen Systems in Securing Strategic Investment

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CHICAGO, April 2, 2025 /PRNewswire/ — Fritz & Company I, LLC (“Fritz & Company”), a premier technology investment banking advisory and special situations firm, is pleased to announce its role as Exclusive Financial Advisor to Willowglen Systems Inc. (“Willowglen Systems”) in securing strategic private credit from JJ Astor & Co. The capital will better allow the company to serve its existing and rapidly growing customer base by executing a multifaceted growth strategy. Terms of the transaction were not disclosed to the public.

Founded in 1971, Willowglen Systems is one of the leading global suppliers of Supervisory Control and Data Acquisition (SCADA) software, with over five decades of experience. Its next generation automation technology for distributed mission-critical sectors, SentientQ, analyzes real-time data so that operators can respond to critical and time-sensitive events. Willowglen Systems’ technology is deployed throughout five continents and helps to ensure the safety of millions of people.

Wayne Karpoff, CEO of Willowglen Systems, stated, “With JJ Astor’s backing, Willowglen is poised for a new phase of robust growth. This investment not only strengthens our capital structure but also enriches our strategic capabilities.”

Willowglen Systems plans to deploy the capital to advance the development of their flagship products and explore new opportunities to innovate within and beyond their traditional markets.

The deal serves as a testament to Fritz & Company’s leadership in industrial software and in navigating idiosyncratic complexities amid today’s ever-changing market environment.

About Willowglen Systems

Headquartered in Edmonton, Canada, Willowglen Systems develops and delivers industrial automation technology for control, monitoring, and analysis of industrial mission-critical systems. Willowglen Systems’ current market focus is on the safe and effective control of distributed power, pipeline systems, metro-rail and inter-city passenger rail. The company’s technology is the building block that enables next generation transportation, new clean energy solutions, transformational operational efficiencies, and greater public safety.

About Fritz & Company

A premier technology investment banking and special situations / restructuring advisory firm, specializing in deep tech, industrial transformation, aerospace & defense, sustainability tech and intelligent & sustainable mobility / supply chain.

For more information, please contact Erich Fritz (erich@fritzandco.co) or Tim Hughes (tim@fritzandco.co), or visit https://fritzandco.co.

View original content:https://www.prnewswire.com/news-releases/fritz–company-serves-as-exclusive-financial-advisor-to-willowglen-systems-in-securing-strategic-investment-302419041.html

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