Intchains Group Ltd Stock Price, News & Analysis

Intchains Group Limited (Nasdaq: ICG) reported its unaudited financial results for Q4 and the full year of 2022, revealing significant declines in sales and profitability. In Q4 2022, sales volume dropped by 74.5% to 666,420 ASIC chips, leading to an 88.8% revenue decrease to RMB33.7 million (US$4.9 million). Net income also plummeted by 93.6% to RMB12.7 million (US$1.8 million). For the full year, ASIC chip sales totaled 3,235,235 units, a decline of 36.7%, with annual revenue at RMB473.7 million (US$68.7 million), down 25.0% year-over-year. The CEO attributed the downturn to the cryptocurrency market's price decline, which reduced product demand and margin, dropping to 41% in Q4 from 85% in prior quarters. Despite challenges, the company achieved profitability and anticipates stable financial conditions in Q1 2023, with a projected revenue of RMB26 million (US$3.8 million).

Intchains Group Limited (Nasdaq: ICG) announced its upcoming earnings call on April 18, 2023, at 9:00 p.m. U.S. Eastern Time, where it will disclose unaudited financial results for Q4 and the full year ended December 31, 2022. The company specializes in high-performance ASIC chips and software for blockchain applications, employing a fabless business model and strong supply chain management to ensure product quality. Intchains has developed the 'Xihe' Platform to support a variety of ASIC chip designs. The call will be accessible via several dial-in options and an archived webcast will be available on the company's website after the call.

Deutsche Bank has been appointed as the depositary bank for the NASDAQ-listed American Depositary Receipt (ADR) program of Intchains Group Limited (NASDAQ: ICG). This program, effective March 20, 2023, involves the issuance of Level III ADRs, with Deutsche Bank managing cross-border equity structures and providing various banking services to corporations and financial institutions globally. Intchains specializes in high-performance ASIC chips and software solutions for blockchain applications, enhancing its technological footprint in the sector.

Intchains Group Limited (Nasdaq: ICG) has successfully closed its initial public offering (IPO) of 1,000,000 American Depositary Shares (ADS) priced at $8.00 each, raising approximately $8.0 million. The IPO started trading on March 16, 2023. The underwriters have a 45-day option to purchase an additional 150,000 ADSs to cover over-allotments. Proceeds from the offering will be used for the development of the Xihe and Wangshu Platforms, establishing R&D centers, purchasing materials, and for general corporate purposes. Maxim Group LLC was the sole book-running manager for the offering.

Intchains Group Limited announced its initial public offering (IPO) of 1,000,000 American Depositary Shares (ADS) priced at US$8.00 each, totaling approximately US$8.0 million. Trading on the Nasdaq under the symbol 'ICG' is expected to begin on March 16, 2023, with the offering closing on March 20, 2023. The underwriters have a 45-day option for an additional 150,000 ADSs. Proceeds will be used for developing the 'Xihe' and 'Wangshu' Platforms, establishing R&D centers, and purchasing raw materials. Maxim Group LLC is the sole book-running manager for this offering.