There Will Never Be Another ‘Andor’

By: bitcoin ethereum news|2025/05/15 01:30:10

Andor The series finale of Andor aired last night, the last batch of four weeks of three episodes each, a 12 episode season 2 matching a 12 episode season 1. It is widely considered to be some of the best Star Wars content ever created perhaps only short of the original trilogy itself. And perhaps not short of a movie or two even in that trilogy. Andor is an amazing work of art, not just as a Star Wars show but as an overall series with incredible writing, acting, production values and a relevant take on the rise of fascism. The problem? It seems unlikely we will ever see something like Andor again coming out of Disney and Star Wars. And there are many, many reasons for that. The development time. We just past the tenth anniversary of the announcement that Diego Luna would be cast in the series, which at the time seemed like a somewhat random concept, a prequel spin-off of a supporting character in Rogue One, but obviously the rest is history. But in Star Wars’ current form, it seems Disney is far less likely to develop and air a show start to finish over the course of an entire decade with scrapped movies and cancelled series left and right in the present day. The cost. Estimates indicate that for two seasons, Andor had a budget of $645 million in total, wildly beyond almost any other series on television, and it was paired with viewership that couldn’t justify that. Before The Acolyte and Skeleton Key, season 1 of Andor was the least-watched Disney+ Star Wars show. Season 2 seems to be performing better, but it’s unclear if Disney thinks the prestige of the show was worth spending two-thirds of a billion dollars. Maybe it was, but it’s exceedingly unlikely they’d do that again. A guaranteed two seasons. It’s very rare for Disney to greenlight a show for two seasons ahead of time, which for Andor, was already down from five seasons those making the show wanted. In the current state of Disney’s strategy, with Andor’s cost and season 1 viewership, had that not happened, it would have probably been cancelled after season 1, no matter how it was received. Andor 12 episode seasons. In the modern streaming era, this is a true rarity. And for Disney? We’re getting no more than eight episodes a season with either Star Wars or Marvel shows, with many even six episodes. The result is between 24, 45+ minute episodes of Andor plus Rogue One that makes up more total content than any other corner of the Star Wars universe and it’s impossible to imagine Disney is going to do another 12 episode series any time soon, if ever. Disney’s re-focus on movies. Disney is starting to move away from Star Wars shows at the same volume they’ve been producing. The only series confirmed for a new season right now is Ahsoka, where that gap will be about three years between seasons. Rather, Disney has greenlit a bunch of new movies that allegedly will not be cancelled like so many others as the series heads back mainly to theaters. Tony Gilroy. Fans believe Andor’s showrunner should take on a Kevin Feige-like role overseeing the Star Wars universe. He’s not doing that. He’s spent a decade with Star Wars and we know he’s moving on to other projects from here. So you’re not going to rope him into trying to produce something else of Andor quality, probably at any price. Kathleen Kennedy. The president of Lucasfilm is expected to step down later in 2025, and while fans bemoan her tenure and even believe Andor was so good because it “escaped” her touch, Gilroy says the opposite is true: “She has protected the show and protected me ... When we started challenging Kathy, Kathy just kept saying yes. ‘Oh, I’m going to put the first scene in a brothel.’ ‘Okay.’ ‘I’m going to have them kill two cops.’ ‘Okay.’ ‘We want the production designer from Chernobyl.’ ‘Okay, good idea.'” “She backed our play and got everything that we were doing. We’ve been through everything, she and I, on this— all the good and all the bad. There’s no show without her.” “For all the shit that she takes online, it’s just insane. This show exists because she forced it to happen. What a tough job she has, man.” Andor isn’t going to happen again. But thank god we got it in the first place. Follow me on Twitter , YouTube , Bluesky and Instagram . Pick up my sci-fi novels the Herokiller series and The Earthborn Trilogy . Source: https://www.forbes.com/sites/paultassi/2025/05/14/there-will-never-be-another-andor/

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

Operating Costs and Expenses

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.