Intchains (Nasdaq: ICG) swings to 2025 loss while building ETH staking
Rhea-AI Filing Summary
Intchains Group Limited reported sharply weaker results for Q4 and full year 2025 as altcoin mining demand softened and crypto prices swung.
Q4 2025 revenue fell to RMB36.1 million from RMB74.2 million, and the company posted a net loss of RMB130.7 million versus net income of RMB12.8 million a year earlier, driven by inventory impairment on mining machines and a RMB74.4 million loss from changes in cryptocurrency fair value. For 2025, revenue declined to RMB220.9 million from RMB281.8 million, with a net loss of RMB52.0 million compared with net income of RMB51.5 million in 2024.
Intchains ended 2025 with RMB473.8 million in cash, deposits and government securities and cryptocurrency assets of RMB187.6 million, including about 8,826 ETH-based coins, rising to 9,070 ETH by February 23, 2026. The company acquired a Proof-of-Stake platform for $1.3 million and launched the Goldshell Stake service, while outlining a 2026 strategy focused on selling existing miners, launching new altcoin machines, cutting costs, and expanding dual-platform ETH staking.
Positive
- None.
Negative
- Sharp deterioration in profitability: 2025 revenue fell to RMB220.9 million from RMB281.8 million, and net income reversed to a RMB52.0 million loss from RMB51.5 million profit, driven by weaker mining demand, higher inventory-related costs and volatile cryptocurrency fair-value movements.
Insights
Intchains swung from profit to loss in 2025 as mining demand and ETH prices weakened, while it pivoted toward staking and cost cuts.
Intchains Group Limited saw its hardware-heavy model hit by cyclical crypto volatility. Q4 2025 revenue dropped to
Profitability deteriorated sharply: loss from operations was
Management is responding by emphasizing ETH as a treasury asset and income source. ETH-based holdings reached roughly 8,826 units at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2026
Commission File Number: 001-41500
INTCHAINS GROUP LIMITED
(Exact name of registrant as specified in its charter)
c/o Building 16, Lane 999, Xinyuan South Road,
Lin-Gang Special Area,
Pudong, Shanghai, 201306
People’s Republic of China
+86 021 58961080
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Intchains Group Limited Reports Fourth Quarter and Full Year 2025 Financial Results |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INTCHAINS GROUP LIMITED | ||
| Date: February 26, 2026 | By: | /s/ Qiang Ding |
| Name: | Qiang Ding | |
| Title: | Chairman and Chief Executive Officer | |
Exhibit 99.1
Intchains Group Limited Reports Fourth Quarter and Full Year 2025 Financial Results
| ● | Completes Acquisition and Launches Goldshell Stake Proof-of-Stake Platform to Advance Cryptocurrency Staking Business | |
| ● | 2026 Business Strategy Focused on: Sale of Altcoin Mining Machines, Investing in New Products, Improve Profitability by Leveraging Cost Saving Initiatives, and Continue ETH Accumulation and Dual-Platform ETH Staking | |
| ● | Integrated Web3 Ecosystem and Technology Stack Platform, Well Positions Intchains to Capture Long-Term Crypto Growth Despite Short-Term Market Volatility |
Singapore – February 26, 2026 - Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company focuses on the development of altcoin mining products, the strategic acquisition, holding, and staking of Ethereum-based cryptocurrencies, and the delivery of Web3 infrastructure services through the operation of a Proof-of-Stake cryptocurrency staking platform, today announced its unaudited financial results for the fourth quarter (“Q4 2025”) and full year (“FY 2025”) ended December 31, 2025.
Q4 2025 Financial Highlights
| ● | Revenue: Revenue was RMB36.1 million (US$5.2 million), compared to RMB74.2 million for the same period of 2024. | |
| ● | Loss from Operations: Loss from operations was RMB83.7 million (US$12.0 million), compared to RMB36.8 million for the same period of 2024. | |
| ● | Change in fair value of cryptocurrencies: The change in fair value of cryptocurrencies was a loss of RMB74.4 million (US$10.6 million) during Q4 2025, compared to a gain of RMB29.2 million for the same period in 2024. | |
| ● | Net Income/(Loss): Net loss was RMB130.7 million (US$18.7 million), compared to net income of RMB12.8 million for the same period in 2024. | |
| ● | Non-GAAP Adjusted Net Income/(Loss): Non-GAAP adjusted net loss was RMB128.5 million (US$18.4 million) for Q4 2025 as compared to non-GAAP adjusted net income of RMB14.8 million for the same period of 2024. | |
| ● | Cash position: As of December 31, 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 RMB473.8 million (US$67.8 million), compared to RMB541.4 million as of December 31, 2024. |
FY 2025 Financial Highlights
| ● | Revenue: Revenue was RMB220.9 million (US$31.6 million), compared to RMB281.8 million for the same period of 2024. | |
| ● | Income/(Loss) from Operations: Loss from operations was RMB104.7 million (US$15.0 million), compared to income from operations of RMB2.9 million for the same period of 2024. | |
| ● | Change in fair value of cryptocurrencies: The change in fair value of cryptocurrencies was a gain of RMB4.8 million (US$0.7 million) for FY 2025, compared to a gain of RMB21.3 million for the same period in 2024. | |
| ● | Net Income/(Loss): Net loss was RMB52.0 million (US$7.4 million), compared to net income of RMB51.5 million for the same period in 2024. | |
| ● | Non-GAAP Adjusted Net Income/(Loss): Non-GAAP adjusted net loss was RMB43.4 million (US$6.2 million), compared to income of RMB60.5 million for the same period in 2024. |
rECENT BUSINESS UPDATES & 2026 STRATEGY
| - | Core Business Focus: Sale of Altcoin Mining Machines, Cost Optimization and Investment in New Products: |
| ○ | In the first half of 2026, Intchains expects to continue to generate revenues from the sale of its existing mining machine series launched in 2025, including ALEO, Dogecoin, XTM, and other altcoin-focused products. | |
| ○ | During 2025, Intchains incurred approximately RMB77.3 million in research and development expenses, primarily related to the development of new mining machine series and the upgrade of existing models. Building on this investment and additional ones planed for the first half of 2026, the Company plans to introduce new altcoin mining products in the second half of 2026, with additional details to be announced in due course. | |
| ○ | In 2026, the Company will focus on margin improvement through cost optimization efforts. Following the disposal of certain assets related to a non-core chip related business and associated assets in January 2026, the Company has implemented several cost-management initiatives to enhance overall operating efficiency, optimize headcount and create a leaner corporate structure. These measures are designed to focus resources on core R&D efforts and drive further margin expansion. |
| - | ETH Accumulation and Treasury Holding: |
| ○ | In 2026, Intchains intends to continue a prudent ETH accumulation strategy to pursue selective, value-driven purchases when market conditions are favorable, gradually increasing its ETH treasury holding over time. | |
| ○ | As of December 31, 2025, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB187.6 million (US$26.8 million), which includes approximately 8,826 ETH-based cryptocurrencies, valued at RMB186.7 million. In 2026, Intchains continued to accumulate ETH and as of February 23, 2026, total ETH held reached 9,070 units. |
| - | ETH Staking Activities: |
| ○ | Completed acquisition of Proof-of-Stake (“PoS”) platform and launched Goldshell staking business: |
| ■ | In December 2025, Intchains acquired a Proof-of-Stake (“PoS”) technology platform for $1.3 million and officially launched the commercial operation of its independent PoS platform, Goldshell Stake. | |
| ■ | Operating as a core business segment under the Goldshell brand, Goldshell Stake provides cryptocurrency staking services for both individual and institutional crypto investors, covering four prominent blockchains: Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX). | |
| ■ | The launch of Goldshell Stake represents Intchains’ expansion into the blockchain infrastructure service sector, positioning the company for growth in decentralized finance. Leveraging Intchains’ global customer base, Goldshell Stake plans to gradually expand into international markets. | |
| ■ | With the launch of our staking platform, we have successfully established a closed-loop ecosystem integrating hardware infrastructure (wallets), assets, and software services. This evolution creates a secondary growth engine beyond mining hardware and builds a solid foundation for long-term recurring revenue. |
| ○ | In 2026, Intchains expects to accelerate ETH staking activities, through gradually staking the bulk of its ETH treasury holdings on FalconX and Goldshell Stake, to generate incremental returns from idle assets. More specifically: |
| ■ | Partnering with FalconX, to generate yield by staking ETH holdings on the FalconX platform, producing interest income through a combination of lending and derivatives-based strategies. | |
| ■ | Staking on Goldshell Stake platform, supplementing Intchains’ ETH staking activities with Intchains’ own proprietary PoS platform, further diversifying ETH holdings to maximize dual-platform staking returns. |
| ○ | As of February 23, 2026, the Company’s total units of ETH used in staking were 2,600. Among the total units of ETH used in staking, 1,000 is staked on the FalconX platform, and 1,600 is staked on its proprietary Goldshell Stake. Furthermore, a total of 1,359 units of ETH were staked on its proprietary Goldshell Stake by third parties. |
| - | Update on PRC Regulatory Environment. On February 6, 2026, eight PRC governmental bodies, including the People’s Bank of China, jointly issued the “Notice on Further Preventing and Handling Risks Related to Virtual Currencies” (the “Notice”). Among other provisions, the Notice stipulates that mining machine production enterprises are strictly prohibited from providing services such as the sale of mining machines within mainland China. In response to the Notice and to ensure full compliance, the Company is enhancing its internal control policies and undertaking rectification measures. Subsequent to the issuance of the Notice, the Company has ceased accepting new orders from customers in mainland China. The Company’s business model is designed to serve a global user base. Historically, our primary sales markets have consisted of overseas end users as well as domestic channel partners within mainland China whose purchases are primarily for export purposes. While management acknowledges that the cessation of domestic orders and the transition of sales channels will have a certain short-term impact on our operations, the Company plans to actively mitigate this by accelerating the expansion of its overseas sales channels and marketing infrastructure in conjunction with the launch of its new mining products which are scheduled to be launched in the second half of 2026. Consequently, management does not expect the Notice to have a material adverse impact on the Company’s overall business, financial condition, or results of operations in the long term. |
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “During 2025, we launched multiple innovative industry-leading altcoin mining products, and these new ALEO, Dogecoin, XTM miners, as well as the innovative BYTE dual-miners, have been well-received by the market and contributed to our revenues during the year, with ALEO miners leading strong performance in Q1. As previously disclosed, our 2025 revenues were influenced by overall lower sales of mining machines following the initial surge of ALEO miners. This also had an impact on gross margins as we recorded inventory impairment charges as a result of cyclical volatility of altcoin prices and consequently, demand for mining machines.
While our mining series underwent typical industry price-driven fluctuations, we strategically focused on strengthening our ETH treasury holdings. We advanced our ETH strategy through a dual-initiative approach designed to both optimize ETH accumulation and generate incremental returns on our ETH position. Collaborating with FalconX, we started to generate staking yields. Furthermore, through the launch of our Goldshell Stake platform, we entered into staking operation, diversifying our ETH holdings and further boosting returns. With 9,070 units of ETH in treasury holding and 2,600 units of ETH currently staked in both platforms as of February 23, 2026, we maintain a favorable long-term outlook on the appreciation potential of our ETH treasury, and plan to stake the bulk of our ETH holdings consistently over time to maximize staking yields.”
Mr. Ding continued to comment on 2026 growth strategy, “Our 2026 business strategy remains centered around altcoin mining hardware and ETH strategy enhancements. We expect revenue in the first half of 2026 to be primarily driven by our existing product portfolio. During this period, we intend to continue investing into exploring new innovative altcoin projects and leverage our R&D expertise to support the timely development and iteration of mining machines. Subject to market conditions and development progress, we plan to launch new altcoin mining machines in the second half of 2026. At the same time, we are adopting various cost-savings initiatives designed to improve our overall profitability. Following the divestiture of certain non-core assets and associated workforce reduction, we have restructured the organization to operate with a leaner corporate model and greater operating efficiency, positioning us for continued margin expansion.”
“As a Web3 infrastructure provider, our business is anchored by a leading altcoin hardware platform and complemented by our comprehensive technical capabilities across the blockchain ecosystem. By leveraging our deep experience in developing proprietary technology stacks, encompassing wallet, payment, and staking architectures, we have cultivated the integrated platform capabilities.”
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, February 26, 2026 (corresponding to 9:00 am Beijing Time on Friday, February 27, 2026).
Participant Dial-in Numbers:
| U.S. & International (Toll) | +1 646-307-1963 |
| China (Toll-Free) | +86 400-030-0308 |
| 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/ezs9gm6i/, 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.
Q4 2025 Financial Results
Revenue
Revenue was RMB36.1 million (US$5.2 million) for Q4 2025, representing a decrease of 51.3% from RMB74.2 million for the same period in 2024. The decrease was primarily due to cyclical fluctuations in the market and softer demand for our products in this period.
Cost of Revenue
Cost of revenue was RMB96.7 million (US$13.8 million) for Q4 2025, representing an increase of 76.7% from RMB54.8 million for the same period of 2024. Cost of revenue for Q4 2025 was impacted by impairment charges recorded against excess inventory of existing altcoin mining machines. Softer market demand led to lower selling prices for our altcoin mining products, resulting in lower gross margins for Q4 2025 compared to the same period in 2024.
Operating Expenses
Total operating expenses were RMB23.1 million (US$3.3 million) for Q4 2025, representing a decrease of 59.0% from RMB56.2 million for the same period of 2024. The decrease was primarily due to lower research and development expenses.
| ● | Research and development expenses decreased by 71.6% to RMB13.1 million (US$1.9 million) for Q4 2025 from RMB45.9 million for the same period of 2024. The decrease was primarily due to reduced expenses related to preliminary research costs conducted for new altcoin mining projects. | |
| ● | Sales and marketing expenses decreased by 26.8% to RMB2.1 million (US$0.3 million) for Q4 2025 from RMB2.9 million for the same period of 2024, primarily driven by decreased personnel-related expenses. | |
| ● | General and administrative expenses increased by 8.0% to RMB7.8 million (US$1.1 million) for Q4 2025 from RMB7.2 million for the same period of 2024, primarily due to increased depreciation expenses. |
Loss from operations
Loss from operations was RMB83.7 million (US$12.0 million) for Q4 2025, compared to RMB36.8 million for the same period of 2024, primarily attributable to the decrease in revenue and gross profit, partially offset by decreased total operating expenses.
Interest Income
Interest income decreased to RMB2.4 million (US$0.3 million) for Q4 2025 from RMB3.8 million for the same period of 2024, mainly due to net cash used in operating activities.
Change in fair value of cryptocurrencies
Change in fair value of cryptocurrencies resulted in a loss of RMB74.4 million (US$10.6 million) for Q4 2025, compared to a gain of RMB29.2 million for the same period in 2024. The loss for Q4 2025 was primarily a result of a decrease in the price of ETH during Q4 2025.
Other Income, Net
Other income, net was RMB5.3 million (US$0.8 million) for Q4 2025, compared to RMB5.4 million, for the same period of 2024.
Net Income/(Loss)
As a result of the foregoing, we recorded net loss of RMB130.7 million (US$18.7 million) for Q4 2025, compared to net income of RMB12.8 million for the same period of 2024.
Basic and Diluted Net Income/(Loss) Per Ordinary Share
Basic and diluted net loss per ordinary share both were RMB1.08 (US$0.15) for Q4 2025 as compared to net income per ordinary share of RMB0.12 for the same period of 2024.
Non-GAAP Adjusted Net Income/(Loss)
Non-GAAP adjusted net loss was RMB128.5 million (US$18.4 million) for Q4 2025 as compared to non-GAAP adjusted net income of RMB14.8 million for the same period of 2024.
Non-GAAP Basic and Diluted Net Income/(Loss) Per Ordinary Share
Non-GAAP adjusted basic and diluted net loss per ordinary share was RMB1.06 (US$0.15) for Q4 2025 as compared to non-GAAP adjusted basic and diluted net income per ordinary share RMB0.12 for the same period of 2024. Each ADS represents two of the Company’s Class A ordinary shares.
FY 2025 Financial Results
Revenue
Revenue was RMB220.9 million (US$31.6 million) for FY 2025, representing a decrease of 21.6% from RMB281.8 million for the same period in 2024. The decrease was primarily due to cyclical fluctuations in the market, whereby Intchains’ ALEO mining machine series contributed to increased revenues during the first six months in FY 2025, and overall demand for our products became softer during Q3 and Q4 2025.
Cost of Revenue
Cost of revenue was RMB204.9 million (US$29.3 million) for FY 2025, representing an increase of 57.1% from RMB130.5 million for the same period of 2024. Cost of revenues was impacted by impairment charges recorded against excess inventory of certain altcoin mining machines. Softer market demand in Q3 and Q4 2025 led to lower selling prices for our altcoin mining products, resulting in lower gross margins for FY 2025 compared to the same period in 2024.
Operating Expenses
Total operating expenses were RMB120.6 million (US$17.2 million) for FY 2025, representing a decrease of 18.7% from RMB148.4 million for the same period of 2024. The decrease was primarily due to decreased research and development expenses, partially offset by slightly increased general and administrative expenses.
| ● | Research and development expenses decreased by 29.4% to RMB77.3 million (US$11.1 million) for FY 2025 from RMB109.4 million for the same period of 2024, primarily due to reduced expenses related to preliminary research costs conducted for new altcoin mining projects. | |
| ● | Sales and marketing expenses remained relatively steady at RMB8.8 million (US$1.3 million) and RMB8.5 million, respectively, for the FY 2025 and 2024. | |
| ● | General and administrative expenses increased by 13.9% to RMB34.4 million (US$4.9 million) for FY 2025 from RMB30.2 million for the same period of 2024, mainly driven by professional fees and depreciation expenses. |
Income/(Loss) from operations
As a result of the foregoing, loss from operations was RMB104.7 million (US$15.0 million) for FY 2025, compared to income from operations of RMB2.9 million for the same period of 2024.
Interest Income
Interest income decreased by 32.2% to RMB11.0 million (US$1.6 million) for FY 2025 from RMB16.2 million for the same period of 2024, mainly due to net cash used in operating activities.
Change in fair value of cryptocurrencies
The change in fair value of cryptocurrencies was a gain of RMB4.8 million (US$0.7 million) for FY 2025, compared to a gain of RMB21.3 million for the same period in 2024. The change in gain was primarily the result of a decrease in the price of ETH during FY 2025 versus a significant increase in the price of ETH during FY 2024, while increase in our holdings of ETH-based cryptocurrencies was 3,124 units during FY2025 versus an increase in holding of approximately 5,642 units during FY 2024.
Other Income, Net
Other income, net, remained steady at RMB8.3 million (US$1.2 million) for FY 2025 and FY 2024.
Net Income/(Loss)
As a result, our net loss was RMB52.0 million (US$7.4 million) for FY 2025, compared to net income of RMB51.5 million for the same period of 2024.
Basic and Diluted Net Income/(Loss) Per Ordinary Share
Basic and diluted net loss per ordinary share were both RMB0.43 (US$0.06) for FY 2025 as compared to net income per ordinary share of RMB0.43 for the same period of 2024.
Non-GAAP Adjusted Net Income/(Loss)
Non-GAAP adjusted net loss was RMB43.4 million (US$6.2 million) for FY 2025 from non-GAAP adjusted net income of RMB60.5 million for the same period of 2024.
Non-GAAP Basic and Diluted Net Income/(Loss) Per Ordinary Share
Non-GAAP adjusted basic and diluted net loss per ordinary share was RMB0.36 (US$0.05) for FY 2025 as compared to non-GAAP adjusted basic and diluted net income per ordinary share of RMB0.50 for the same period of 2024. Each ADS represents two of the Company’s Class A ordinary shares.
About Intchains Group Limited
Intchains Group Limited focuses on the development of altcoin mining products, the strategic acquisition, holding, and staking of Ethereum-based cryptocurrencies, and the delivery of Web3 infrastructure services through the operation of a Proof-of-Stake cryptocurrency staking platform. For more information, please visit the Company’s website at: https://intchains.com/.
Exchange Rate Information
The unaudited United States dollar (“US$”) 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$1.00=RMB6.9931 on the last trading day of Q4 2025 (December 31, 2025). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
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
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, | ||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current Assets： | ||||||||||||
| Cash and cash equivalents | 322,252 | 221,661 | 31,697 | |||||||||
| USDC | 1,690 | 665 | 95 | |||||||||
| Cryptocurrency, current | 30,079 | 6,035 | 863 | |||||||||
| Inventories, net | 98,614 | 52,151 | 7,458 | |||||||||
| Prepayments and other current assets, net | 69,703 | 55,063 | 7,873 | |||||||||
| Short-term investments | 198,562 | 246,431 | 35,239 | |||||||||
| Total current assets | 720,900 | 582,006 | 83,225 | |||||||||
| Non-current Assets: | ||||||||||||
| Cryptocurrencies, non-current | 148,790 | 187,607 | 26,827 | |||||||||
| Long-term investments | 20,569 | 21,486 | 3,073 | |||||||||
| Property, equipment, and software, net | 157,065 | 141,581 | 20,246 | |||||||||
| Intangible assets, net | 3,552 | 11,975 | 1,712 | |||||||||
| Right-of-use assets | 272 | 1,100 | 157 | |||||||||
| Deferred tax assets | 28,942 | 61,289 | 8,764 | |||||||||
| Other non-current assets | 9,419 | 8,347 | 1,194 | |||||||||
| Total non-current assets | 368,609 | 433,385 | 61,973 | |||||||||
| Total assets | 1,089,509 | 1,015,391 | 145,198 | |||||||||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current Liabilities: | ||||||||||||
| Accounts payable | 14,847 | 3,025 | 433 | |||||||||
| Contract liabilities | 37,447 | 16,462 | 2,354 | |||||||||
| Income tax payable | 2,023 | 39 | 6 | |||||||||
| Lease liabilities-Current | 272 | 542 | 77 | |||||||||
| Provision for warranty | 161 | 380 | 54 | |||||||||
| Accrued liabilities and other current liabilities | 21,692 | 22,340 | 3,194 | |||||||||
| Total current liabilities | 76,442 | 42,788 | 6,118 | |||||||||
| Non-Current Liabilities: | ||||||||||||
| Lease liabilities- Non-current | — | 558 | 80 | |||||||||
| Total non-current liabilities | — | 558 | 80 | |||||||||
| Total liabilities | 76,442 | 43,346 | 6,198 | |||||||||
| Shareholders’ Equity: | ||||||||||||
| Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 120,081,456 and 121,484,348 shares issued, 120,020,962 and 121,423,854 shares outstanding as of December 31, 2024 and December 31, 2025, respectively) | 1 | 1 | — | |||||||||
| Subscriptions receivable from shareholders | (1 | ) | (1 | ) | — | |||||||
| Additional paid-in capital | 195,236 | 211,276 | 30,212 | |||||||||
| Statutory reserves | 51,762 | 51,968 | 7,431 | |||||||||
| Accumulated other comprehensive income | 3,777 | (1,246 | ) | (178 | ) | |||||||
| Retained earnings | 762,292 | 710,047 | 101,535 | |||||||||
| Total shareholders’ equity | 1,013,067 | 972,045 | 139,000 | |||||||||
| Total liabilities and shareholders’ equity | 1,089,509 | 1,015,391 | 145,198 | |||||||||
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except share and per share data, or as otherwise noted)
| For the Three Months ended December 31, | ||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Products revenue | 74,177 | 36,131 | 5,167 | |||||||||
| Cost of revenue | (54,752 | ) | (96,730 | ) | (13,832 | ) | ||||||
| Gross profit/(loss) | 19,425 | (60,599 | ) | (8,665 | ) | |||||||
| Operating expenses: | ||||||||||||
| Research and development expenses | (45,887 | ) | (13,053 | ) | (1,867 | ) | ||||||
| Sales and marketing expenses | (2,897 | ) | (2,122 | ) | (303 | ) | ||||||
| General and administrative expenses | (7,237 | ) | (7,813 | ) | (1,117 | ) | ||||||
| Impairment of long-lived assets | (210 | ) | (74 | ) | (11 | ) | ||||||
| Total operating expenses | (56,231 | ) | (23,062 | ) | (3,298 | ) | ||||||
| Loss from operations | (36,806 | ) | (83,661 | ) | (11,963 | ) | ||||||
| Interest income | 3,778 | 2,412 | 345 | |||||||||
| Foreign exchange loss, net | 2,264 | (1,415 | ) | (202 | ) | |||||||
| Change in fair value of cryptocurrencies | 29,228 | (74,419 | ) | (10,642 | ) | |||||||
| Other income, net | 5,447 | 5,333 | 763 | |||||||||
| Income before income tax expenses | 3,911 | (151,750 | ) | (21,699 | ) | |||||||
| Income tax benefit | 8,870 | 21,024 | 3,006 | |||||||||
| Net income/(loss) | 12,781 | (130,726 | ) | (18,693 | ) | |||||||
| Foreign currency translation adjustment, net of nil tax | 4,127 | (2,284 | ) | (327 | ) | |||||||
| Total comprehensive income/(loss) | 16,908 | (133,010 | ) | (19,020 | ) | |||||||
| Weighted average number of shares used in per share calculation | ||||||||||||
| — Basic | 119,980,614 | 121,423,854 | 121,423,854 | |||||||||
| — Diluted | 119,998,547 | 121,423,854 | 121,423,854 | |||||||||
| Net income/(loss) per share | ||||||||||||
| — Basic | 0.12 | (1.08 | ) | (0.15 | ) | |||||||
| — Diluted | 0.12 | (1.08 | ) | (0.15 | ) | |||||||
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except share and per share data, or as otherwise noted)
| For the Year ended December 31, | ||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Products revenue | 281,767 | 220,864 | 31,583 | |||||||||
| Cost of revenue | (130,452 | ) | (204,902 | ) | (29,301 | ) | ||||||
| Gross profit | 151,315 | 15,962 | 2,282 | |||||||||
| Operating expenses: | ||||||||||||
| Research and development expenses | (109,443 | ) | (77,296 | ) | (11,053 | ) | ||||||
| Sales and marketing expenses | (8,468 | ) | (8,824 | ) | (1,262 | ) | ||||||
| General and administrative expenses | (30,248 | ) | (34,445 | ) | (4,925 | ) | ||||||
| Impairment of long-lived assets | (210 | ) | (74 | ) | (11 | ) | ||||||
| Total operating expenses | (148,369 | ) | (120,639 | ) | (17,251 | ) | ||||||
| Income/(Loss) from operations | 2,946 | (104,677 | ) | (14,969 | ) | |||||||
| Interest income | 16,235 | 11,014 | 1,575 | |||||||||
| Foreign exchange loss, net | 1,382 | (3,364 | ) | (481 | ) | |||||||
| Change in fair value of cryptocurrencies | 21,322 | 4,838 | 692 | |||||||||
| Other income, net | 8,292 | 8,334 | 1,191 | |||||||||
| Income before income tax expenses | 50,177 | (83,855 | ) | (11,992 | ) | |||||||
| Income tax benefit | 1,320 | 31,816 | 4,550 | |||||||||
| Net income/(loss) | 51,497 | (52,039 | ) | (7,442 | ) | |||||||
| Foreign currency translation adjustment, net of nil tax | 1,939 | (5,023 | ) | (718 | ) | |||||||
| Total comprehensive income/(loss) | 53,436 | (57,062 | ) | (8,160 | ) | |||||||
| Weighted average number of shares used in per share calculation | ||||||||||||
| — Basic | 119,936,488 | 120,912,863 | 120,912,863 | |||||||||
| — Diluted | 120,016,243 | 120,912,863 | 120,912,863 | |||||||||
| Net income/(loss) per share | ||||||||||||
| — Basic | 0.43 | (0.43 | ) | (0.06 | ) | |||||||
| — Diluted | 0.43 | (0.43 | ) | (0.06 | ) | |||||||
INTCHAINS GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except per share data)
| For the Three Months ended December 31, | ||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Loss from operations | (36,806 | ) | (83,661 | ) | (11,963 | ) | ||||||
| Add: | ||||||||||||
| Share-based compensation expense | 1,993 | 2,223 | 318 | |||||||||
| Non-GAAP adjusted operating loss | (34,813 | ) | (81,438 | ) | (11,645 | ) | ||||||
| Net income/(loss) | 12,781 | (130,726 | ) | (18,693 | ) | |||||||
| Add: | ||||||||||||
| Share-based compensation expense | 1,993 | 2,223 | 318 | |||||||||
| Non-GAAP adjusted net income/(loss) | 14,774 | (128,503 | ) | (18,375 | ) | |||||||
| Non-GAAP adjusted net income/(loss) per share | ||||||||||||
| — Basic | 0.12 | (1.06 | ) | (0.15 | ) | |||||||
| — Diluted | 0.12 | (1.06 | ) | (0.15 | ) | |||||||
INTCHAINS GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except per share data)
| For the Year ended December 31, | ||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Income/(Loss) from operations | 2,946 | (104,677 | ) | (14,969 | ) | |||||||
| Add: | ||||||||||||
| Share-based compensation expense | 8,974 | 8,650 | 1,237 | |||||||||
| Non-GAAP adjusted operating income/(loss) | 11,920 | (96,027 | ) | (13,732 | ) | |||||||
| Net income/(loss) | 51,497 | (52,039 | ) | (7,442 | ) | |||||||
| Add: | ||||||||||||
| Share-based compensation expense | 8,974 | 8,650 | 1,237 | |||||||||
| Non-GAAP adjusted net income/(loss) | 60,471 | (43,389 | ) | (6,205 | ) | |||||||
| Non-GAAP adjusted net income/(loss) per share | ||||||||||||
| — Basic | 0.50 | (0.36 | ) | (0.05 | ) | |||||||
| — Diluted | 0.50 | (0.36 | ) | (0.05 | ) | |||||||
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 | ||||||||||||||||||||||||||||||
| ETH | 8,150 | 21,226,137 | 2,604 | 2,620 | 21,353,000 | 4,759 | 38,785,850 | 2,982 | 24,303,300 | |||||||||||||||||||||||||||||
| ETH-Coinbase Staked | 676 | 1,954,713 | 2,892 | 2,892 | 1,954,992 | 5,231 | 3,536,156 | 3,332 | 2,252,432 | |||||||||||||||||||||||||||||
| December 31, 2025 | Bitcoin | 1.44 | 149,486 | 103,810 | 80,525 | 115,956 | 126,296 | 181,866 | 87,584 | 126,121 | ||||||||||||||||||||||||||||
| USDT&USDC | 953,186 | 953,201 | 1 | 1 | 934,596 | 1 | 1,014,137 | 1 | 953,186 | |||||||||||||||||||||||||||||
| Others | Multiple * | 64,736 | Multiple * | Multiple * | 10,703 | Multiple * | 25,686 | Multiple * | 12,783 | |||||||||||||||||||||||||||||
| Total | 24,348,273 | 24,369,247 | 43,543,695 | 27,647,822 | ||||||||||||||||||||||||||||||||||
| ETH | 8,143 | 21,199,747 | 2,603 | 2,373 | 19,323,339 | 4,956 | 40,356,708 | 4,146 | 33,760,878 | |||||||||||||||||||||||||||||
| ETH-Coinbase Staked | 676 | 1,954,713 | 2,892 | 2,617 | 1,769,092 | 5,444 | 3,680,144 | 4,778 | 3,229,928 | |||||||||||||||||||||||||||||
| September 30, 2025 | Bitcoin | 0.73 | 75,406 | 103,296 | 105,120 | 76,738 | 124,533 | 90,909 | 114,068 | 83,270 | ||||||||||||||||||||||||||||
| USDT&USDC | 233,919 | 233,919 | 1 | 1 | 233,919 | 1 | 233,919 | 1 | 233,919 | |||||||||||||||||||||||||||||
| Others | Multiple * | 64,736 | Multiple * | Multiple * | 16,485 | Multiple * | 31,184 | Multiple * | 22,238 | |||||||||||||||||||||||||||||
| Total | 23,528,521 | 21,419,573 | 44,392,864 | 37,330,233 | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||
| June 30, 2025 | 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 | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||
| March 31, 2025 | 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 | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||
| December 31, 2024 | 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 | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||
| September 30, 2024 | 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 | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||
| June 30, 2024 | 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 | ||||||||||||||||||||||||||||||||||
|
| 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 | |||||||||||||||||||||||||||||
| March 31,2024 | 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 | ||||||||||||||||||||||||||||||||||
FAQ
How did Intchains Group Limited (ICG) perform financially in Q4 2025?
What were Intchains Group Limited (ICG) full year 2025 results versus 2024?
How large are Intchains Group Limited (ICG) cryptocurrency and ETH holdings?
What is Intchains Group Limited (ICG) strategy for 2026?
What is the Goldshell Stake platform launched by Intchains Group Limited (ICG)?
What is Intchains Group Limited (ICG) cash position at year-end 2025?
How did changes in cryptocurrency fair value affect Intchains Group Limited (ICG)?
Filing Exhibits & Attachments
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