Intchains Group Limited Reports First Quarter 2025 Unaudited Financial Results
- Revenue surged 445.5% YoY to US$18.2 million, exceeding guidance
- Achieved operational profitability with US$5.1 million in operating income vs. prior year loss
- ASIC chip sales volume grew 43.6% YoY to 709,857 units
- ETH holdings increased 23.2% QoQ to 7,023 units
- New Aleo series mining machines contributed 74.8% of total revenue
- Cost efficiency improved with lower percentage increase in cost of revenue compared to revenue growth
- Operating expenses decreased 11.8% YoY
- Net loss widened 129.8% YoY to US$4.7 million
- Recorded US$9.8 million loss from change in fair value of cryptocurrencies due to 46% ETH price decline
- Interest income decreased 24% due to lower cash levels from ETH purchases
- Non-GAAP adjusted net loss increased 139.6% YoY to US$4.4 million
Insights
Intchains achieves 445.5% revenue growth from new mining products despite taking $9.8M hit on ETH holdings.
Intchains Group's Q1 2025 results present a complex financial picture with significant operational improvements overshadowed by cryptocurrency valuation losses. The company delivered
The operational turnaround is particularly noteworthy - Intchains achieved
However, this operational success is counterbalanced by a
The company's R&D expenses decreased by
Total revenues of US
Total ETH-based cryptocurrency units were approximately 7,023, up
Income from operations reach US
SINGAPORE, May 22, 2025 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Operating and Financial Highlights
- Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide range of altcoin mining products, with each unit incorporating anywhere from tens to hundreds of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC chips for Q1 2025 was 709,857 units, compared to 494,235 units for the same period last year, representing an increase of
43.6% . - Revenue: Our revenue for Q1 2025 reached RMB132.4 million (US
$18.2 million ), reflecting a increase of445.5% from RMB24.3 million for the same period of 2024. - Income/(Loss) from Operations: We recorded income from operations of RMB36.9 million (US
$5.1 million ) for Q1 2025, compared to a loss from operations of RMB34.6 million for the same period of 2024. - Net Loss: Our net loss for Q1 2025 was RMB34.0 million (US
$4.7 million ), reflecting an increase of129.8% from RMB14.8 million for the same period in 2024. - Non-GAAP Adjusted Net Loss: Non-GAAP adjusted net loss in the first quarter of 2025 was RMB32.0 million (US
$4.4 million ), reflecting an increase of139.6% from RMB13.3 million for the same period in 2024. Non-GAAP adjusted net loss excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release. - Cryptocurrencies: As of March 31, 2024, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB101.6 million (US
$14.0 million ), primarily comprised of approximately 7,023 ETH-based cryptocurrencies, valued at RMB93.7 million (US$13.1 million ).
Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “In the first quarter of 2025, the cryptocurrency market encountered considerable headwinds. Nevertheless, the Company demonstrated agility and foresight by promptly launching the Aleo series mining machines in response to shifting market dynamics. These altcoin mining machines delivered substantial profitability for miners amid challenging macro market conditions while driving sustainable corporate growth –further validating our expertise in altcoin mining machine innovations and our competitive edge through differentiated market positioning.
In addition, the Company introduced Goldshell Byte, an innovative dual-mining machine. This milestone reflects the Company’s unique capability to design and manufacture advanced mining machines spanning multiple altcoin protocols. The modular design—featuring a standard miner with pluggable mining cards—offers strategic flexibility for miners and encourages wider participation by retail users. Its compact, home-friendly form factor further promotes widespread participation in the decentralized network.
During the quarter, small- and mid-cap cryptocurrencies, including Ethereum, experienced downward pressure. Despite this, the Company remained committed to its long-term dollar-cost averaging strategy. As of March 31, 2025, the Company held approximately 7,023 ETH, representing a
In the second quarter of 2025, Ethereum completed its Pectra upgrade, and the Ethereum Foundation reaffirmed its long-term vision with the appointment of a new board of directors. The Company views these developments as positive signals and continues to believe in the enduring value of blockchain technology. As a long-term accumulator of Ethereum, the Company will continue to build its position in alignment with its strategic outlook on decentralized applications.”
First Quarter 2025 Financial Results
Revenue
Revenue was RMB132.4 million (US
Cost of Revenue
Cost of revenue was RMB57.0 million (US
Operating Expenses
Total operating expenses were RMB38.4 million (US
- Research and development expenses decreased by
27.9% to RMB26.4 million (US$3.6 million ) for the first quarter of 2025 from RMB36.5 million for the same period of 2024. The decrease was primarily due to lower expenses related to preliminary research costs conducted for new projects. - Sales and marketing expenses increased by
37.8% to RMB2.2 million (US$0.3 million ) for the first quarter of 2025 from RMB1.6 million for the same period of 2024, mainly driven by increased personnel-related expenses. - General and administrative expenses increased by
81.8% to RMB9.8 million (US$1.4 million ) for the first quarter of 2025 from RMB5.4 million for the same period of 2024, mainly driven by increased professional fees, as well as the personnel-related expenses.
Interest Income
Interest income decreased by
Change in fair value of cryptocurrencies
Change in fair value of cryptocurrencies was RMB70.8 million (US
Other Income, Net
Other income, net remained steady at RMB0.1 million and RMB0.2 million (US
Net Loss
As a result of the foregoing, our net loss increased by
Non-GAAP Adjusted Net Loss
Non-GAAP adjusted net loss increased by
Basic and Diluted Net Loss Per Ordinary Share
Basic and diluted net loss per ordinary share both increased by
Non-GAAP Basic and Diluted Net Loss Per Ordinary Share
Non-GAAP adjusted basic and diluted net loss per ordinary share increased by
Recent Development
Aleo Mining: In the first quarter of 2025, we led the market with the launch of our Aleo series mining machines, which were well-received by the crypto mining communities globally despite sustained macro market pressures. By the end of May 2025, we had released five key models of the Aleo series, which have demonstrated strong competitiveness in the PoW sector in terms of daily profitability.
Goldshell Byte: On March 26, 2025, we officially launched Goldshell Byte, our latest flagship product, and an innovative dual-mining machine. Designed to allow miners to dynamically respond to market changes, Goldshell Byte combines standardized hardware with modular pluggable cards, drawing upon the our deep and extensive experience across multiple altcoin ecosystems. This innovation is expected to further strengthen our market position in the altcoin mining space.
Conference Call Information
The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on May 22, 2025 (8:00 AM Beijing Time on May 23, 2025). Details for the conference call are as follows:
Event Title: Intchains Group Limited First Quarter 2025 Earnings Conference Call
Date: May 22, 2025
Time: 8:00 PM U.S. Eastern Time
Registration Link: https://register-conf.media-server.com/register/BI0dda68e5b19a4a7daade5ed1cf188ed8
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.
Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://ir.intchains.com/.
About Intchains Group Limited
Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.
Exchange Rate Information
The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
Use of Non-GAAP Financial Measures
In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For investor and media inquiries, please contact:
Intchains Group Limited
Investor relations
Email: ir@intchains.com
Redhill
Belinda Chan
Tel: +852-9379-3045
Email: belinda.chan@creativegp.com
| INTCHAINS GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data, or as otherwise noted) | ||||||
| As of December 31, | As of March 31 | |||||
| 2024 | 2025 | |||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current Assets： | ||||||
| Cash and cash equivalents | 322,252 | 243,316 | 33,530 | |||
| USDC | 1,690 | 3,458 | 476 | |||
| Cryptocurrency, current | 30,079 | 11,674 | 1,609 | |||
| Inventories, net | 98,614 | 92,494 | 12,746 | |||
| Prepayments and other current assets, net | 69,703 | 67,857 | 9,351 | |||
| Short-term investments | 198,562 | 300,530 | 41,414 | |||
| Total current assets | 720,900 | 719,329 | 99,126 | |||
| Non-current Assets: | ||||||
| Cryptocurrencies, non-current | 148,790 | 101,566 | 13,996 | |||
| Long-term investments | 20,569 | 21,913 | 3,020 | |||
| Property, equipment, and software, net | 157,065 | 155,934 | 21,489 | |||
| Intangible assets, net | 3,552 | 3,424 | 472 | |||
| Right-of-use assets | 272 | — | — | |||
| Deferred tax assets | 28,942 | 26,173 | 3,607 | |||
| Other non-current assets | 9,419 | 9,712 | 1,338 | |||
| Total non-current assets | 368,609 | 318,722 | 43,922 | |||
| Total assets | 1,089,509 | 1,038,051 | 143,048 | |||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | ||||||
| Current Liabilities: | ||||||
| Accounts payable | 14,847 | 5,191 | 715 | |||
| Contract liabilities | 37,447 | 28,866 | 3,979 | |||
| Income tax payable | 2,023 | 1,241 | 171 | |||
| Lease liabilities | 272 | — | — | |||
| Provision for warranty | 161 | 241 | 33 | |||
| Accrued liabilities and other current liabilities | 21,692 | 17,367 | 2,393 | |||
| Total current liabilities | 76,442 | 52,906 | 7,291 | |||
| Total liabilities | 76,442 | 52,906 | 7,291 | |||
| Shareholders' Equity: | ||||||
| Ordinary shares (US | 1 | 1 | — | |||
| Subscriptions receivable from shareholders | (1 | ) | (1 | ) | — | |
| Additional paid-in capital | 195,236 | 201,629 | 27,785 | |||
| Statutory reserves | 51,762 | 51,912 | 7,154 | |||
| Accumulated other comprehensive income | 3,777 | 3,459 | 477 | |||
| Retained earnings | 762,292 | 728,145 | 100,341 | |||
| Total shareholders’ equity | 1,013,067 | 985,145 | 135,757 | |||
| Total liabilities and shareholders’ equity | 1,089,509 | 1,038,051 | 143,048 | |||
| INTCHAINS GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data, or as otherwise noted) | ||||||||
| For the Three Months ended March 31, | ||||||||
| 2024 | 2025 | |||||||
| RMB | RMB | US$ | ||||||
| Products revenue | 24,271 | 132,391 | 18,244 | |||||
| Cost of revenue | (15,262 | ) | (57,045 | ) | (7,861 | ) | ||
| Gross profit | 9,009 | 75,346 | 10,383 | |||||
| Operating expenses: | ||||||||
| Research and development expenses | (36,540 | ) | (26,354 | ) | (3,632 | ) | ||
| Sales and marketing expenses | (1,623 | ) | (2,237 | ) | (308 | ) | ||
| General and administrative expenses | (5,410 | ) | (9,838 | ) | (1,356 | ) | ||
| Total operating expenses | (43,573 | ) | (38,429 | ) | (5,296 | ) | ||
| Income/(Loss) from operations | (34,564 | ) | 36,917 | 5,087 | ||||
| Interest income | 4,150 | 3,154 | 435 | |||||
| Foreign exchange loss, net | (254 | ) | (179 | ) | (25 | ) | ||
| Change in fair value of cryptocurrencies | 5,442 | �� | (70,814 | ) | (9,758 | ) | ||
| Other income, net | 139 | 193 | 27 | |||||
| Loss before income tax expenses | (25,087 | ) | (30,729 | ) | (4,234 | ) | ||
| Income tax (expense)/benefit | 10,292 | (3,268 | ) | (450 | ) | |||
| Net loss | (14,795 | ) | (33,997 | ) | (4,684 | ) | ||
| Foreign currency translation adjustment, net of nil tax | 108 | (318 | ) | (44 | ) | |||
| Total comprehensive loss | (14,687 | ) | (34,315 | ) | (4,728 | ) | ||
| Weighted average number of shares used in per share calculation | ||||||||
| — Basic | 119,888,044 | 120,053,052 | 120,053,052 | |||||
| — Diluted | 119,888,044 | 120,053,052 | 120,053,052 | |||||
| Net loss per share | ||||||||
| — Basic | (0.12 | ) | (0.28 | ) | (0.04 | ) | ||
| — Diluted | (0.12 | ) | (0.28 | ) | (0.04 | ) | ||
| INTCHAINS GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except per share data) | |||||||
| For the Three Months ended March 31, | |||||||
| 2024 | 2025 | ||||||
| RMB | RMB | US$ | |||||
| Income/(Loss) from operations | (34,564 | ) | 36,917 | 5,087 | |||
| Add: | |||||||
| Share-based compensation expense | 1,452 | 2,022 | 279 | ||||
| Non-GAAP adjusted operating income/(loss) | (33,112 | ) | 38,939 | 5,366 | |||
| Net loss | (14,795 | ) | (33,997 | ) | (4,684 | ) | |
| Add: | |||||||
| Share-based compensation expense | 1,452 | 2,022 | 279 | ||||
| Non-GAAP adjusted net loss | (13,343 | ) | (31,975 | ) | (4,405 | ) | |
| Non-GAAP adjusted net loss per share | |||||||
| — Basic | (0.11 | ) | (0.27 | ) | (0.04 | ) | |
| — Diluted | (0.11 | ) | (0.27 | ) | (0.04 | ) | |
| INTCHAINS GROUP LIMITED UNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION | ||||||||||
| As of Quarter Ended | Cryptocurrency | Approximate Number of Cryptocurrency Held at End of Quarter | Original Cost Basis | Approximate Average Cost Price Per Unit of Cryptocurrency | Lowest Market Price Per Unit of Cryptocurrency During Quarter (a) | Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price (b) | Highest Market Price Per Unit of Cryptocurrency During Quarter (c) | Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price (d) | Market Price Per Unit of Cryptocurrency at End of Quarter (e) | Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price (f) |
| Unit | USD | USD | USD | USD | USD | USD | USD | USD | ||
| March 31, 2025 | ETH | 6,347 | 18,031,664 | 2,841 | 1,754 | 11,132,638 | 3,746 | 23,775,862 | 1,842 | 11,691,174 |
| ETH-Coinbase Staked | 676 | 1,954,713 | 2,892 | 1,914 | 1,293,864 | 4,065 | 2,747,940 | 2,017 | 1,363,492 | |
| Bitcoin | 12.66 | 946,882 | 74,793 | 76,555 | 969,186 | 109,358 | 1,384,472 | 83,416 | 1,056,047 | |
| USDT&USDC | 2,108,065 | 2,111,681 | 1 | 1 | 2,091,378 | 1 | 2,124,947 | 1 | 2,107,951 | |
| Others | Multiple * | 84,283 | Multiple * | Multiple * | 33,817 | Multiple * | 94,121 | Multiple * | 37,553 | |
| Total | 23,129,223 | 15,520,883 | 30,127,342 | 16,256,217 | ||||||
| December 31, 2024 | ETH | 5,075 | 15,102,524 | 2,976 | 2,309 | 11,718,175 | 4,109 | 20,853,175 | 3,414 | 17,326,050 |
| ETH-Coinbase Staked | 627 | 1,800,713 | 2,872 | 2,487 | 1,559,349 | 4,450 | 2,790,150 | 3,701 | 2,320,527 | |
| Bitcoin | 10.29 | 720,567 | 70,026 | 58,864 | 605,711 | 108,389 | 1,115,323 | 95,285 | 980,483 | |
| USDT&USDC | 4,425,484 | 4,428,159 | 1 | 1 | 4,384,335 | 1 | 4,469,357 | 1 | 4,419,574 | |
| Others | Multiple * | 78,298 | Multiple * | Multiple * | 30,694 | Multiple * | 101,589 | Multiple * | 69,389 | |
| Total | 22,130,261 | 18,298,264 | 29,329,594 | 25,116,023 | ||||||
| September 30, 2024 | ETH | 3,522 | 10,115,116 | 2,872 | 2,116 | 7,452,552 | 3,563 | 12,548,886 | 2,596 | 9,143,112 |
| ETH-Coinbase Staked | 627 | 1,800,713 | 2,872 | 2,290 | 1,435,830 | 3,926 | 2,461,602 | 2,807 | 1,759,989 | |
| Bitcoin | 8.47 | 549,364 | 64,860 | 49,050 | 415,454 | 70,000 | 592,900 | 63,552 | 538,285 | |
| USDT&USDC | 9,847,687 | 9,849,266 | 1 | 1 | 9,814,682 | 1 | 9,857,395 | 1 | 9,845,929 | |
| Others | Multiple * | 105,405 | Multiple * | Multiple * | 36,415 | Multiple * | 72,441 | Multiple * | 53,661 | |
| Total | 22,419,864 | 19,154,933 | 25,533,224 | 21,340,976 | ||||||
| June 30, 2024 | ETH | 1,937 | 6,179,744 | 3,190 | 2,814 | 5,450,718 | 3,974 | 7,697,638 | 3,394 | 6,574,178 |
| ETH-Coinbase Staked | 480 | 1,301,108 | 2,711 | 2,954 | 1,417,920 | 4,243 | 2,036,640 | 3,645 | 1,749,600 | |
| Bitcoin | 3.95 | 265,883 | 67,312 | 56,500 | 223,175 | 72,777 | 287,469 | 61,613 | 243,371 | |
| USDT&USDC | 10,422,648 | 10,423,276 | 1 | 1 | 10,386,315 | 1 | 10,458,980 | 1 | 10,404,063 | |
| Others | Multiple * | 107,484 | Multiple * | Multiple * | 54,226 | Multiple * | 122,435 | Multiple * | 64,202 | |
| Total | 18,277,495 | 17,532,354 | 20,603,162 | 19,035,414 | ||||||
| March 31,2024 | ETH | 346 | 999,180 | 2,888 | 2,100 | 726,600 | 4,094 | 1,416,524 | 3,618 | 1,251,828 |
| ETH-Coinbase Staked | 479 | 1,297,687 | 2,709 | 2,236 | 1,071,044 | 4,341 | 2,079,339 | 3,842 | 1,840,318 | |
| Bitcoin | 0.67 | 44,995 | 67,157 | 38,501 | 25,796 | 73,836 | 49,470 | 70,407 | 47,173 | |
| USDT&USDC | 99,583 | 99,583 | 1 | 1 | 99,583 | 1 | 99,583 | 1 | 99,583 | |
| Others | Multiple * | 81,571 | Multiple * | Multiple * | 67,814 | Multiple * | 124,481 | Multiple * | 91,346 | |
| Total | 2,523,016 | 1,990,837 | 3,769,397 | 3,330,248 | ||||||
* The 'Others' category encompasses various cryptocurrencies that are not reported individually due to their lower significance. This category is labeled as 'Multiple' to indicate the presence of diverse prices associated with different type of cryptocurrency. Due to their immaterial nature, detailed price listings are not provided.
(a) The "Lowest Market Price Per Unit of Cryptocurrency During Quarter" represents the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
(b) The "Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price" represents a mathematical calculation consisting of the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
(c) The "Highest Market Price Per Unit of Cryptocurrency During Quarter" represents the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
(d) The "Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price" represents a mathematical calculation consisting of the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
(e) The "Market Price Per Unit of Cryptocurrency at End of Quarter" represents the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter, which aligns with our revenue recognition cut-off.
(f) The "Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price" represents a mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
FAQ
What were ICG's Q1 2025 revenue and growth rate?
How many ETH does Intchains Group (ICG) hold as of Q1 2025?
What caused ICG's increased net loss in Q1 2025?
What new products did ICG launch in Q1 2025?
How did ICG's operating income perform in Q1 2025?
