Intchains Group Limited Reports Second Quarter and First Half 2025 Financial Results
Intchains Group Limited (Nasdaq: ICG) reported mixed Q2 2025 financial results, with revenue declining 64.9% year-over-year to RMB43.2 million (US$6.0 million). The company posted a net income of RMB38.3 million (US$5.3 million), down 24% from Q2 2024.
For H1 2025, revenue increased 19.2% to RMB175.6 million (US$24.5 million), while net income decreased to RMB4.3 million. Notably, Intchains significantly expanded its ETH holdings to 8,816 ETH as of June 30, 2025, representing a 26% increase from March 31, 2025, and 55% from December 31, 2024.
The company launched new products including the Aleo Mining Series and Goldshell Byte, while investing RMB41.6 million in R&D for mining machine development.
Intchains Group Limited (Nasdaq: ICG) ha riportato risultati finanziari per il secondo trimestre 2025 contrastanti: i ricavi sono calati del 64,9% su base annua, a RMB43,2 milioni (US$6,0 milioni). L'utile netto si è attestato a RMB38,3 milioni (US$5,3 milioni), in diminuzione del 24% rispetto al Q2 2024.
Nel primo semestre 2025 i ricavi sono saliti del 19,2% a RMB175,6 milioni (US$24,5 milioni), mentre l'utile netto è sceso a RMB4,3 milioni. Di rilievo: al 30 giugno 2025 Intchains ha ampliato significativamente le sue detenute in ETH, raggiungendo 8.816 ETH, +26% rispetto al 31 marzo 2025 e +55% rispetto al 31 dicembre 2024.
La società ha lanciato nuovi prodotti, tra cui la Aleo Mining Series e la Goldshell Byte, e ha investito RMB41,6 milioni in R&S per lo sviluppo di macchine di mining.
Intchains Group Limited (Nasdaq: ICG) presentó resultados financieros mixtos en el segundo trimestre de 2025: los ingresos cayeron un 64,9% interanual hasta RMB43,2 millones (US$6,0 millones). La compañía registró un beneficio neto de RMB38,3 millones (US$5,3 millones), un 24% menos que en el Q2 de 2024.
En el primer semestre de 2025 los ingresos aumentaron un 19,2% hasta RMB175,6 millones (US$24,5 millones), mientras que el beneficio neto disminuyó a RMB4,3 millones. Destaca que al 30 de junio de 2025 Intchains incrementó notablemente su posición en ETH hasta 8.816 ETH, un 26% más que el 31 de marzo de 2025 y un 55% respecto al 31 de diciembre de 2024.
La compañía lanzó nuevos productos, como la Aleo Mining Series y la Goldshell Byte, e invirtió RMB41,6 millones en I+D para el desarrollo de equipos de minería.
Intchains Group Limited (Nasdaq: ICG)는 2025년 2분기 실적에서 엇갈린 결과를 발표했습니다. 매출은 전년 동기 대비 64.9% 감소한 RMB43.2백만(미화 600만 달러)를 기록했고, 순이익은 RMB38.3백만(미화 530만 달러)으로 2024년 2분기 대비 24% 줄었습니다.
2025년 상반기 매출은 19.2% 증가해 RMB175.6백만(미화 2,450만 달러)를 기록했으나, 순이익은 RMB4.3백만으로 감소했습니다. 주목할 점으로는 2025년 6월 30일 기준 회사의 ETH 보유량이 대폭 늘어 8,816 ETH에 달했으며, 이는 2025년 3월 31일 대비 26%, 2024년 12월 31일 대비 55% 증가한 수치입니다.
회사는 Aleo Mining Series와 Goldshell Byte 등 신제품을 출시했으며, 채굴기 개발을 위해 RMB41.6백만을 연구개발에 투자했습니다.
Intchains Group Limited (Nasdaq: ICG) a publié des résultats financiers contrastés pour le deuxième trimestre 2025 : le chiffre d'affaires a chuté de 64,9% en glissement annuel, à RMB43,2 millions (6,0 M$). Le résultat net s'est élevé à RMB38,3 millions (5,3 M$), en baisse de 24% par rapport au T2 2024.
Sur le premier semestre 2025, le chiffre d'affaires a augmenté de 19,2% pour atteindre RMB175,6 millions (24,5 M$), tandis que le résultat net a diminué à RMB4,3 millions. À noter : au 30 juin 2025, Intchains a considérablement accru ses avoirs en ETH, à 8 816 ETH, soit une hausse de 26% par rapport au 31 mars 2025 et de 55% par rapport au 31 décembre 2024.
La société a lancé de nouveaux produits, notamment la Aleo Mining Series et la Goldshell Byte, et a investi RMB41,6 millions en R&D pour le développement de machines de minage.
Intchains Group Limited (Nasdaq: ICG) meldete für das zweite Quartal 2025 gemischte Zahlen: der Umsatz ging im Jahresvergleich um 64,9% auf RMB43,2 Millionen (US$6,0 Millionen) zurück. Der Nettogewinn betrug RMB38,3 Millionen (US$5,3 Millionen), ein Rückgang von 24% gegenüber Q2 2024.
Im ersten Halbjahr 2025 stiegen die Umsätze um 19,2% auf RMB175,6 Millionen (US$24,5 Millionen), während der Nettogewinn auf RMB4,3 Millionen sank. Bemerkenswert ist, dass Intchains seinen ETH-Bestand zum 30. Juni 2025 deutlich auf 8.816 ETH ausgeweitet hat, was einem Anstieg von 26% gegenüber dem 31. März 2025 und 55% gegenüber dem 31. Dezember 2024 entspricht.
Das Unternehmen brachte neue Produkte wie die Aleo Mining Series und die Goldshell Byte auf den Markt und investierte RMB41,6 Millionen in F&E zur Entwicklung von Mining-Geräten.
- ETH holdings increased significantly to 8,816 ETH, up 26% QoQ and 55% YoY
- H1 2025 revenue grew 19.2% YoY to RMB175.6 million
- Successfully launched new mining products including Aleo Mining Series and Goldshell Byte
- Significant R&D investment of RMB41.6 million in mining machine development
- Partnership with FalconX established to optimize ETH acquisition and enhance yields
- Q2 2025 revenue declined 64.9% YoY to RMB43.2 million
- Q2 2025 operating loss of RMB16.2 million vs income of RMB58.1 million in Q2 2024
- H1 2025 net income decreased significantly to RMB4.3 million from RMB35.6 million YoY
- Impairment charges recorded against excess inventory of altcoin mining machines
- Management expects softer sales in H2 2025 due to altcoin price volatility
Insights
Intchains reports revenue decline in Q2 but increased ETH holdings by 26%, pivoting toward strategic crypto accumulation despite operational challenges.
Intchains reported a significant 64.9% revenue decline in Q2 2025, with revenue falling to
Despite these operational challenges, the first half of 2025 still showed 19.2% revenue growth to
The most notable strategic development is Intchains' aggressive ETH accumulation strategy, increasing holdings to 8,816 ETH as of June 30, 2025—up 26% quarter-over-quarter and 55% from December 2024. This digital asset treasury, valued at approximately
The company's balance sheet remains solid with
The company's dollar-cost averaging approach to ETH accumulation represents a significant strategic pivot, positioning Intchains among the top ETH holders among public companies globally. Management frames 2025 as a transitional year, acknowledging continued sales weakness in H2 2025 while focusing on R&D investments and yield-generating initiatives with partner FalconX to improve profitability in 2026.
Intchains faces near-term margin pressure, recording inventory impairment charges due to softer demand and lower selling prices for altcoin mining machines. This financial performance illustrates the inherent cyclicality of mining hardware sales and highlights the company's strategic shift toward digital asset accumulation as a complementary business model.
Reinforces its Leading ETH Treasury Position: Increased ETH holdings to 8,816 as of June 30, 2025, up
Updates on Its Long-Term Dollar-Cost Averaging ETH Treasury Strategy Designed to Boost Overall Yield Performance
SINGAPORE, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company engaged in the provision of altcoin mining products, strategic acquisition and holding of Ethereum-based cryptocurrencies, and active development of innovative Web3 applications, today announced its unaudited financial results for the second quarter (“Q2 2025”) and six months (“H1 2025”) ended June 30, 2025.
Q2 2025 Financial Highlights
- Revenue: Revenue for Q2 2025 was RMB43.2 million (US
$6.0 million ), compared to RMB123.0 million for the same period of 2024. - Income/(Loss) from Operations: Loss from operations was RMB16.2 million (US
$2.3 million ) for Q2 2025, compared to income from operations of RMB58.1 million for the same period of 2024. - Net Income: Net income for Q2 2025 was RMB38.3 million (US
$5.3 million ), compared to RMB50.4 million for the same period in 2024. - Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income in Q2 2025 was RMB40.4 million (US
$5.6 million ), from income of RMB52.6 million for the same period in 2024. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release. - Cash position: As of June 30, 2025, the Company had cash and cash equivalents, deposits and government securities listed in short-term and long-term investments, in an aggregate amount of RMB512.6 million (US
$71.6 million ), compared to RMB564.6 million as of March 31, 2025.
H1 2025 Financial Highlights
- Revenue: Revenue for H1 2025 was RMB175.6 million (US
$24.5 million ), reflecting an increase of19.2% from RMB147.3 million for the same period of 2024. - Income from Operations: Income from operations was RMB20.8 million (US
$2.9 million ) for H1 2025, compared to income from operations of RMB23.5 million for the same period of 2024. - Net Income: Net income for H1 2025 was RMB4.3 million (US
$0.6 million ), compared to RMB35.6 million for the same period in 2024. - Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income in H1 2025 was RMB8.4 million (US
$1.2 million ), compared to income of RMB39.3 million for the same period in 2024.
Recent Operational Highlights
- ETH Accumulation: As of June 30, 2025, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB157.7 million, primarily comprised of approximately 8,816 ETH-based cryptocurrencies, valued at RMB157.4 million (US
$22.0 million ).- The Company acquired 1,321 ETH and 1,793 ETH in Q1 2025 and Q2 2025, respectively.
- According to recent publicly available information, including a report published by Standard Chartered in July 2025, the Company was identified as one of the top ETH treasury holders among public companies globally.
- R&D Investments: Since the beginning of 2025, Intchains has invested approximately RMB41.6 million in the development of new mining machines series and the upgrade of existing models. Through these investments, the Company aims to quickly identify, assess, and launch altcoin mining machines in response to altcoin market developments, thereby driving revenue growth through a diversified and evolving portfolio of altcoin mining machines. New product launches include:
- Aleo Mining Series: Following the launch of its first Aleo mining AE Box in February, the Company has launched six major models of its Aleo series of mining machines. These models have demonstrated strong competitiveness in the PoW sector, particularly in terms of daily profitability.
- Goldshell Byte: In March, the Company officially introduced Goldshell Byte, its latest flagship product, an innovative dual-mining machine, compatible with Aleo and Doge models. With a standard dual-slot mining base and hot-swappable mining hash boards, Goldshell Byte is designed to help miners dynamically respond to market conditions, enabling them to simultaneously apply two different algorithms and easily switch mining cards. This strategic flexibility and home-friendly design encourages broader participation by retail users further supporting the growth of decentralized network adoption.
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “Revenues for the first half of 2025 increased by
Despite these short-term dynamics, we remain confident in the long-term growth trajectory of our core business. We remain steadfast in our commitment to identifying, evaluating, and swiftly executing on opportunities in the development of altcoin mining machines. This strategic focus allows us to leverage our robust R&D capabilities to anticipate market trends and capitalize on emerging demand.
Furthermore, we have adopted a long-term dollar-cost averaging (DCA) strategy to gradually build strategic exposure to digital assets, with ETH being the cornerstone of this initiative due to its critical role in the blockchain ecosystem, particularly in decentralized finance (DeFi), staking, and smart contract infrastructure. This approach reflects the Company’s forward-looking perspective on digital assets as a component of modern treasury management and its commitment to enhancing yield performance while preserving capital flexibility.”
Going Forward Strategy
Mr. Ding continued, “2025 has been a transitional year for Intchains. While we expect revenues for the second half of the year to be impacted by softer sales driven by altcoin price volatility, we have accelerated R&D investments to strengthen our leadership in the altcoin mining machine market and advance multiple new altcoin projects toward commercialization. At the same time, the expansion of our ETH reserves and launch of yield-generating initiatives with FalconX is expected to improve overall profitability.
These strategic moves are designed to translate into tangible growth in 2026. We expect new product launches to capture market share in the next altcoin cycle, enhanced ETH yields to support higher margins, and broader participation in emerging blockchain ecosystems to diversify our revenue base. The investments we are making now in innovation, technology, and key growth areas, position us strongly for a robust recovery and accelerated growth in 2026. We remain confident that these initiatives will unlock long-term value and reinforce our leadership in the evolving blockchain ecosystem.”
ETH TREASURY STRATEGY DESIGNED TO BOOST OVERALL YIELD PERFORMANCE
The Company’s ETH treasury strategy is centered on a disciplined dollar-cost averaging (DCA) approach, allocating capital at regular intervals to accumulate ETH over time. This method mitigates the impact of short-term volatility by removing the need to time the market, allowing the Company to steadily build a digital asset reserve poised for potential long-term appreciation.
As a result of this strategy, the Company’s ETH holdings increased to 8,816 ETH as of June 30, 2025, from 7,023 ETH as of March 31, 2025, representing a
Over time, the Company also intends to deploy a portion of its ETH holdings into yield-generating activities, including staking and liquidity provisioning, thereby enabling idle assets to generate incremental returns.
In line with its growing focus on digital asset treasury management, the Company has recently onboarded a dedicated ETH accumulation team and entered into a partnership with FalconX to optimize its ETH acquisition and enhance ETH yields. These initiatives are designed to generate interest income from the Company’s holdings, contributing to both revenue and overall profitability.
The Company remains committed to responsible digital asset management and will continue to explore strategic opportunities that align with its long-term vision and create shareholder value.
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss these financial results at 8:00 PM U.S. Eastern Time on Thursday, August 14, 2025 (corresponding to 8:00 AM Beijing Time on Friday, August 15, 2025).
Participant Dial-in Numbers:
| U.S. & International (Toll) | +1 646-307-1963 |
| China | +86 10-8783-3249 |
| Hong Kong (Toll-Free) | +852 800-960-994 |
| Singapore | +65 3159-1234 |
Webcast:
A simultaneous audio webcast including accompanying slides may be accessed via the following link: https://edge.media-server.com/mmc/p/49a45nvc/, or via the investor relations section of the Company’s website https://ir.intchains.com. For those unable to listen to the live webcast, the replay will be available on the Company’s website shortly after the conclusion of the call.
Q2 2025 FINANCIAL RESULTS
Revenue
Revenue was RMB43.2 million (US
Cost of Revenue
Cost of revenue was RMB32.9 million (US
Operating Expenses
Total operating expenses were RMB26.4 million (US
- Research and development expenses increased by
15.0% to RMB15.2 million (US$2.1 million ) for Q2 2025 from RMB13.2 million for the same period of 2024. The increase was primarily due to increased IP expenses related to new projects. - Sales and marketing expenses remained relatively steady at RMB2.0 million (US
$0.3 million ) and RMB1.9 million, respectively, for the second quarter of 2025 and 2024. - General and administrative expenses remained relatively steady at RMB9.2 million (US
$1.3 million ) and RMB8.9 million, respectively, for the second quarter of 2025 and 2024.
Income/(Loss) from operations
Loss from operations was RMB16.2 million (US
Interest Income
Interest income decreased by
Change in fair value of cryptocurrencies
Change in fair value of cryptocurrencies resulted in income of RMB42.8 million (US
Other Income, Net
Other income, net was RMB0.2 million (US
Net Income
As a result of the foregoing, our net income decreased by
Non-GAAP Adjusted Net Income
Non-GAAP adjusted net income was RMB40.4 million (US
Basic and Diluted Net Income Per Ordinary Share
Basic and diluted net income per ordinary share both were RMB0.32 (US
Non-GAAP Basic and Diluted Net Income Per Ordinary Share
Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.33 (US
H1 2025 FINANCIAL RESULTS
Revenue
Revenue was RMB175.6 million (US
Cost of Revenue
Cost of revenue was RMB90.0 million (US
Operating Expenses
Total operating expenses were RMB64.9 million (US
- Research and development expenses decreased by
16.5% to RMB41.6 million (US$5.8 million ) for H1 2025 from RMB49.8 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
21.4% to RMB4.3 million (US$0.6 million ) for the H1 2025 from RMB3.5 million for the same period of 2024, mainly driven by increased promotion expenses and personnel-related expenses. - General and administrative expenses increased by
33.3% to RMB19.0 million (US$2.7 million ) for the H1 2025 from RMB14.3 million for the same period of 2024, mainly driven by personnel-related expenses, professional fees and depreciation expenses.
Income from operations
Income from operations was RMB20.8 million (US
Interest Income
Interest income decreased by
Change in fair value of cryptocurrencies
The change in fair value of cryptocurrencies was a loss of RMB28.0 million (US
Other Income, Net
Other income, net, was RMB0.4 million (US
Net Income
As a result, our net income was RMB4.3 million (US
Non-GAAP Adjusted Net Income
Non-GAAP adjusted net income was RMB8.4 million (US
Basic and Diluted Net Income Per Ordinary Share
Basic and diluted net income per ordinary share were both RMB0.04 (US
Non-GAAP Basic and Diluted Net Income Per Ordinary Share
Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.07 (US
About Intchains Group Limited
Intchains Group Limited engages in the provision of altcoin mining products, strategic acquisition and holding of Ethereum-based cryptocurrencies, and active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.
Exchange Rate Information
The unaudited United States dollar (“US$”) 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 (IX) 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
The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com
Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.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 June 30 | |||||
| 2024 | 2025 | |||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current Assets： | ||||||
| Cash and cash equivalents | 322,252 | 276,280 | 38,567 | |||
| USDC | 1,690 | 283 | 39 | |||
| Cryptocurrency, current | 30,079 | 7,508 | 1,048 | |||
| Inventories, net | 98,614 | 131,824 | 18,402 | |||
| Prepayments and other current assets, net | 69,703 | 45,767 | 6,388 | |||
| Short-term investments | 198,562 | 215,449 | 30,075 | |||
| Total current assets | 720,900 | 677,111 | 94,519 | |||
| Non-current Assets: | ||||||
| Cryptocurrencies, non-current | 148,790 | 157,732 | 22,019 | |||
| Long-term investments | 20,569 | 22,034 | 3,076 | |||
| Property, equipment, and software, net | 157,065 | 154,929 | 21,627 | |||
| Intangible assets, net | 3,552 | 3,291 | 459 | |||
| Right-of-use assets | 272 | — | — | |||
| Deferred tax assets | 28,942 | 34,801 | 4,858 | |||
| Other non-current assets | 9,419 | 9,713 | 1,356 | |||
| Total non-current assets | 368,609 | 382,500 | 53,395 | |||
| Total assets | 1,089,509 | 1,059,611 | 147,914 | |||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | ||||||
| Current Liabilities: | ||||||
| Accounts payable | 14,847 | 4,304 | 601 | |||
| Contract liabilities | 37,447 | 15,800 | 2,204 | |||
| Income tax payable | 2,023 | 410 | 57 | |||
| Lease liabilities | 272 | — | — | |||
| Provision for warranty | 161 | 94 | 13 | |||
| Accrued liabilities and other current liabilities | 21,692 | 12,314 | 1,719 | |||
| Total current liabilities | 76,442 | 32,922 | 4,594 | |||
| Total liabilities | 76,442 | 32,922 | 4,594 | |||
| Shareholders’ Equity: | ||||||
| Ordinary shares (US | 1 | 1 | — | |||
| Subscriptions receivable from shareholders | (1 | ) | (1 | ) | — | |
| Additional paid-in capital | 195,236 | 205,460 | 28,681 | |||
| Statutory reserves | 51,762 | 51,945 | 7,251 | |||
| Accumulated other comprehensive income | 3,777 | 2,920 | 408 | |||
| Retained earnings | 762,292 | 766,364 | 106,980 | |||
| Total shareholders’ equity | 1,013,067 | 1,026,689 | 143,320 | |||
| Total liabilities and shareholders’ equity | 1,089,509 | 1,059,611 | 147,914 | |||
| INTCHAINS GROUP LIMITED | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||
| (All amounts in thousands, except share and per share data, or as otherwise noted) | ||||||||
| For the Three Months ended June 30, | ||||||||
| 2024 | 2025 | |||||||
| RMB | RMB | US$ | ||||||
| Products revenue | 123,014 | 43,197 | 6,030 | |||||
| Cost of revenue | (40,930 | ) | (32,907 | ) | (4,594 | ) | ||
| Gross profit | 82,084 | 10,290 | 1,436 | |||||
| Operating expenses: | ||||||||
| Research and development expenses | (13,247 | ) | (15,238 | ) | (2,127 | ) | ||
| Sales and marketing expenses | (1,892 | ) | (2,030 | ) | (283 | ) | ||
| General and administrative expenses | (8,857 | ) | (9,179 | ) | (1,281 | ) | ||
| Total operating expenses | (23,996 | ) | (26,447 | ) | (3,691 | ) | ||
| Income/(Loss) from operations | 58,088 | (16,157 | ) | (2,255 | ) | |||
| Interest income | 4,145 | 3,080 | 430 | |||||
| Foreign exchange income/(loss), net | 673 | (363 | ) | (51 | ) | |||
| Change in fair value of cryptocurrencies | (259 | ) | 42,848 | 5,981 | ||||
| Other income, net | 125 | 175 | 24 | |||||
| Income before income tax expenses | 62,772 | 29,583 | 4,129 | |||||
| Income tax (expense)/benefit | (12,417 | ) | 8,669 | 1,210 | ||||
| Net income | 50,355 | 38,252 | 5,339 | |||||
| Foreign currency translation adjustment, net of nil tax | (329 | ) | (539 | ) | (75 | ) | ||
| Total comprehensive income | 50,026 | 37,713 | 5,264 | |||||
| Weighted average number of shares used in per share calculation | ||||||||
| — Basic | 119,915,507 | 120,902,432 | 120,902,432 | |||||
| — Diluted | 120,014,635 | 121,003,272 | 121,003,272 | |||||
| Net income per share | ||||||||
| — Basic | 0.42 | 0.32 | 0.04 | |||||
| — Diluted | 0.42 | 0.32 | 0.04 | |||||
| INTCHAINS GROUP LIMITED | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||
| (All amounts in thousands, except share and per share data, or as otherwise noted) | ||||||||
| For the Six Months ended June 30, | ||||||||
| 2024 | 2025 | |||||||
| RMB | RMB | US$ | ||||||
| Products revenue | 147,285 | 175,588 | 24,511 | |||||
| Cost of revenue | (56,192 | ) | (89,952 | ) | (12,557 | ) | ||
| Gross profit | 91,093 | 85,636 | 11,954 | |||||
| Operating expenses: | ||||||||
| Research and development expenses | (49,787 | ) | (41,592 | ) | (5,806 | ) | ||
| Sales and marketing expenses | (3,515 | ) | (4,267 | ) | (596 | ) | ||
| General and administrative expenses | (14,267 | ) | (19,017 | ) | (2,655 | ) | ||
| Total operating expenses | (67,569 | ) | (64,876 | ) | (9,057 | ) | ||
| Income from operations | 23,524 | 20,760 | 2,897 | |||||
| Interest income | 8,295 | 6,234 | 870 | |||||
| Foreign exchange income/(loss), net | 419 | (542 | ) | (76 | ) | |||
| Change in fair value of cryptocurrencies | 5,183 | (27,966 | ) | (3,904 | ) | |||
| Other income, net | 264 | 368 | 52 | |||||
| Income/(Loss) before income tax expenses | 37,685 | (1,146 | ) | (161 | ) | |||
| Income tax (expense)/benefit | (2,125 | ) | 5,401 | 754 | ||||
| Net income | 35,560 | 4,255 | 593 | |||||
| Foreign currency translation adjustment, net of nil tax | (221 | ) | (857 | ) | (120 | ) | ||
| Total comprehensive income | 35,339 | 3,398 | 473 | |||||
| Weighted average number of shares used in per share calculation | ||||||||
| — Basic | 119,901,776 | 120,480,088 | 120,480,088 | |||||
| — Diluted | 120,027,826 | 120,555,532 | 120,555,532 | |||||
| Net income per share | ||||||||
| — Basic | 0.30 | 0.04 | 0.00 | |||||
| — Diluted | 0.30 | 0.04 | 0.00 | |||||
| INTCHAINS GROUP LIMITED | ||||||
| RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||
| (All amounts in thousands, except per share data) | ||||||
| For the Three Months ended June 30, | ||||||
| 2024 | 2025 | |||||
| RMB | RMB | US$ | ||||
| Income/(Loss) from operations | 58,088 | (16,157 | ) | (2,255 | ) | |
| Add: | ||||||
| Share-based compensation expense | 2,282 | 2,161 | 302 | |||
| Non-GAAP adjusted operating income/(loss) | 60,370 | (13,996 | ) | (1,953 | ) | |
| Net income | 50,355 | 38,252 | 5,339 | |||
| Add: | ||||||
| Share-based compensation expense | 2,282 | 2,161 | 302 | |||
| Non-GAAP adjusted net income | 52,637 | 40,413 | 5,641 | |||
| Non-GAAP adjusted net income per share | ||||||
| — Basic | 0.44 | 0.33 | 0.05 | |||
| — Diluted | 0.44 | 0.33 | 0.05 | |||
| INTCHAINS GROUP LIMITED | ||||
| RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||
| (All amounts in thousands, except per share data) | ||||
| For the Six Months ended June 30, | ||||
| 2024 | 2025 | |||
| RMB | RMB | US$ | ||
| Incomefrom operations | 23,524 | 20,760 | 2,897 | |
| Add: | ||||
| Share-based compensation expense | 3,734 | 4,183 | 584 | |
| Non-GAAP adjusted operating income | 27,258 | 24,943 | 3,481 | |
| Net income | 35,560 | 4,255 | 593 | |
| Add: | ||||
| Share-based compensation expense | 3,734 | 4,183 | 584 | |
| Non-GAAP adjusted net income | 39,294 | 8,438 | 1,177 | |
| Non-GAAP adjusted net income per share | ||||
| — Basic | 0.33 | 0.07 | 0.01 | |
| — Diluted | 0.33 | 0.07 | 0.01 | |
| 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 | ||||||||||||
| June 30, 2025 | ETH | 8,140 | 21,186,437 | 2,603 | 1,385 | 11,273,900 | 2,879 | 23,435,060 | 2,475 | 20,146,500 | ||||||||||
| ETH-Coinbase Staked | 676 | 1,954,713 | 2,892 | 1,521 | 1,028,196 | 3,172 | 2,144,272 | 2,725 | 1,842,100 | |||||||||||
| Bitcoin | 0.25 | 22,228 | 88,912 | 74,421 | 18,605 | 112,000 | 28,000 | 107,607 | 26,902 | |||||||||||
| USDT&USDC | 1,088,040 | 1,091,633 | 1 | 1 | 1,098,861 | 1 | 1,077,659 | 1 | 1,088,312 | |||||||||||
| Others | Multiple * | 64,321 | Multiple * | Multiple * | 13,524 | Multiple * | 24,183 | Multiple * | 16,606 | |||||||||||
| Total | 24,319,332 | 13,433,086 | 26,709,174 | 23,120,420 | ||||||||||||||||
| 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 the 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 Intchains Group's (ICG) key financial results for Q2 2025?
How many Ethereum (ETH) tokens does Intchains Group hold as of Q2 2025?
What new products did Intchains Group launch in 2025?
What is Intchains Group's strategy for 2025-2026?
How much did Intchains Group invest in R&D during 2025?
