Intchains Group Ltd Financials
This page shows Intchains Group Ltd (ICG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A gross-margin collapse has turned the business into one living on a cash-rich balance sheet.
From FY2024 to FY2025, gross profit shrank from$20.7M to$2.3M even though sales were still above FY2023 levels; that points to a margin-structure break, not just lower demand. That matters because cash conversion never confirmed the FY2024 rebound: operating cash flow was-$18.9M in the profitable year and stayed negative at-$13.3M in FY2025.
The company can absorb losses longer than a leveraged business because it ended FY2025 with
FY2025 R&D plus SG&A reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Intchains Group Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Intchains Group Ltd has an operating margin of -47.4%, meaning the company retains $-47 of operating profit per $100 of revenue. This below-average margin results in a low score of 12/100, suggesting thin profitability after operating expenses. This is down from 1.0% the prior year.
Intchains Group Ltd's revenue declined 18.2% year-over-year, from $38.6M to $31.6M. This contraction results in a growth score of 96/100.
Intchains Group Ltd carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 14.10, Intchains Group Ltd holds $14.10 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 99/100.
While Intchains Group Ltd generated -$13.3M in operating cash flow, capex of $674K consumed most of it, leaving -$14.0M in free cash flow. This results in a low score of 9/100, reflecting heavy capital investment rather than weak cash generation.
Intchains Group Ltd generates a -4.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is down from 5.1% the prior year.
Intchains Group Ltd scores 6.22, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($48.6M) relative to total liabilities ($6.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Intchains Group Ltd passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Intchains Group Ltd generates $1.95 in operating cash flow (-$13.3M OCF vs -$6.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Intchains Group Ltd generated $31.6M in revenue in fiscal year 2025. This represents a decrease of 18.2% from the prior year.
Intchains Group Ltd's EBITDA was -$14.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1480.9% from the prior year.
Intchains Group Ltd reported -$6.8M in net income in fiscal year 2025. This represents a decrease of 196.4% from the prior year.
Intchains Group Ltd earned $-0.06 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 200.0% from the prior year.
Cash & Balance Sheet
Intchains Group Ltd generated -$14.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.3% from the prior year.
Intchains Group Ltd held $31.7M in cash against $0 in long-term debt as of fiscal year 2025.
Intchains Group Ltd had 121M shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Margins & Returns
Intchains Group Ltd's gross margin was 7.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 46.5 percentage points from the prior year.
Intchains Group Ltd's operating margin was -47.4% in fiscal year 2025, reflecting core business profitability. This is down 48.4 percentage points from the prior year.
Intchains Group Ltd's net profit margin was -21.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 39.8 percentage points from the prior year.
Intchains Group Ltd's ROE was -4.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.0 percentage points from the prior year.
Capital Allocation
Intchains Group Ltd invested $11.1M in research and development in fiscal year 2025. This represents a decrease of 26.3% from the prior year.
Intchains Group Ltd invested $674K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 51.2% from the prior year.
ICG Income Statement
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A |
ICG Balance Sheet
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|
| Total Assets | $145.8M-2.3% | $149.3M+8.2% | $137.9M-0.2% | $138.2M |
| Current Assets | $86.2M-12.7% | $98.8M-12.1% | $112.3M-6.9% | $120.6M |
| Cash & Equivalents | $31.7M-28.2% | $44.1M-54.9% | $97.9M-5.2% | $103.3M |
| Inventory | $7.5M | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A |
| Total Liabilities | $6.2M-40.8% | $10.5M+157.0% | $4.1M+43.9% | $2.8M |
| Current Liabilities | $6.1M-41.6% | $10.5M+163.9% | $4.0M+42.6% | $2.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A |
| Total Equity | $139.6M+0.6% | $138.8M+3.7% | $133.9M-1.1% | $135.4M |
| Retained Earnings | $102.2M-2.2% | $104.4M+3.9% | $100.6M-6.5% | $107.5M |
ICG Cash Flow Statement
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A |
ICG Financial Ratios
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A |
| Current Ratio | 14.10+4.7 | 9.43-18.9 | 28.32-15.0 | 43.36 |
| Debt-to-Equity | 0.04-0.0 | 0.08+0.0 | 0.030.0 | 0.02 |
| FCF Margin | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Intchains Group Ltd's annual revenue?
Intchains Group Ltd (ICG) reported $31.6M in total revenue for fiscal year 2025. This represents a -18.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Intchains Group Ltd's revenue growing?
Intchains Group Ltd (ICG) revenue declined by 18.2% year-over-year, from $38.6M to $31.6M in fiscal year 2025.
Is Intchains Group Ltd profitable?
No, Intchains Group Ltd (ICG) reported a net income of -$6.8M in fiscal year 2025, with a net profit margin of -21.5%.
What is Intchains Group Ltd's EBITDA?
Intchains Group Ltd (ICG) had EBITDA of -$14.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Intchains Group Ltd's gross margin?
Intchains Group Ltd (ICG) had a gross margin of 7.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Intchains Group Ltd's operating margin?
Intchains Group Ltd (ICG) had an operating margin of -47.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Intchains Group Ltd's net profit margin?
Intchains Group Ltd (ICG) had a net profit margin of -21.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Intchains Group Ltd's return on equity (ROE)?
Intchains Group Ltd (ICG) has a return on equity of -4.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Intchains Group Ltd's free cash flow?
Intchains Group Ltd (ICG) generated -$14.0M in free cash flow during fiscal year 2025. This represents a 31.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Intchains Group Ltd's operating cash flow?
Intchains Group Ltd (ICG) generated -$13.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Intchains Group Ltd's total assets?
Intchains Group Ltd (ICG) had $145.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Intchains Group Ltd's capital expenditures?
Intchains Group Ltd (ICG) invested $674K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Intchains Group Ltd spend on research and development?
Intchains Group Ltd (ICG) invested $11.1M in research and development during fiscal year 2025.
What is Intchains Group Ltd's current ratio?
Intchains Group Ltd (ICG) had a current ratio of 14.10 as of fiscal year 2025, which is generally considered healthy.
What is Intchains Group Ltd's debt-to-equity ratio?
Intchains Group Ltd (ICG) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Intchains Group Ltd's return on assets (ROA)?
Intchains Group Ltd (ICG) had a return on assets of -4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Intchains Group Ltd's cash runway?
Based on fiscal year 2025 data, Intchains Group Ltd (ICG) had $31.7M in cash against an annual operating cash burn of $13.3M. This gives an estimated cash runway of approximately 29 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Intchains Group Ltd's Altman Z-Score?
Intchains Group Ltd (ICG) has an Altman Z-Score of 6.22, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Intchains Group Ltd's Piotroski F-Score?
Intchains Group Ltd (ICG) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Intchains Group Ltd's earnings high quality?
Intchains Group Ltd (ICG) has an earnings quality ratio of 1.95x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Intchains Group Ltd?
Intchains Group Ltd (ICG) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.