Intchains Group Limited (Nasdaq: ICG,OTC:ICGUF) (“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.
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:
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.
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.
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.
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