Intchains Group Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
Intchains Group (Nasdaq: ICG) reported strong Q4 2024 financial results, with revenue reaching RMB74.2 million (US$10.2 million), up 109.2% year-over-year. Q4 net income increased 58.2% to RMB12.8 million (US$1.8 million).
For full-year 2024, revenue surged 242.7% to RMB281.8 million (US$38.6 million), with net income of RMB51.5 million compared to a loss in 2023. The company's ASIC chip sales volume grew 303.1% in Q4 to 1,705,408 units.
The company expanded its cryptocurrency holdings to 5,702 ETH-based assets valued at RMB141.2 million. In February 2025, ICG launched the AE BOX series for Aleo mining and introduced the Goldshell Wallet for Web3 payments.
Intchains Group (Nasdaq: ICG) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un fatturato che ha raggiunto RMB74,2 milioni (US$10,2 milioni), in aumento del 109,2% rispetto all'anno precedente. L'utile netto del quarto trimestre è aumentato del 58,2% a RMB12,8 milioni (US$1,8 milioni).
Per l'intero anno 2024, il fatturato è aumentato del 242,7% a RMB281,8 milioni (US$38,6 milioni), con un utile netto di RMB51,5 milioni rispetto a una perdita nel 2023. Il volume delle vendite di chip ASIC dell'azienda è cresciuto del 303,1% nel quarto trimestre, raggiungendo 1.705.408 unità.
L'azienda ha ampliato le proprie partecipazioni in criptovalute a 5.702 asset basati su ETH, del valore di RMB141,2 milioni. Nel febbraio 2025, ICG ha lanciato la serie AE BOX per il mining di Aleo e ha introdotto il Goldshell Wallet per i pagamenti Web3.
Intchains Group (Nasdaq: ICG) informó resultados financieros sólidos para el cuarto trimestre de 2024, con ingresos que alcanzaron RMB74,2 millones (US$10,2 millones), un aumento del 109,2% interanual. La renta neta del cuarto trimestre aumentó un 58,2% a RMB12,8 millones (US$1,8 millones).
Para el año completo 2024, los ingresos se dispararon un 242,7% a RMB281,8 millones (US$38,6 millones), con una renta neta de RMB51,5 millones en comparación con una pérdida en 2023. El volumen de ventas de chips ASIC de la empresa creció un 303,1% en el cuarto trimestre, alcanzando 1.705.408 unidades.
La compañía amplió sus tenencias de criptomonedas a 5.702 activos basados en ETH valorados en RMB141,2 millones. En febrero de 2025, ICG lanzó la serie AE BOX para la minería de Aleo e introdujo el Goldshell Wallet para pagos Web3.
Intchains Group (Nasdaq: ICG)는 2024년 4분기 재무 결과를 발표했으며, 매출이 RMB74.2백만 (US$10.2백만)에 도달하여 전년 대비 109.2% 증가했습니다. 4분기 순이익은 58.2% 증가하여 RMB12.8백만 (US$1.8백만)에 달했습니다.
2024년 전체 연도에 대해 매출은 242.7% 증가하여 RMB281.8백만 (US$38.6백만)에 이르렀으며, 순이익은 2023년의 손실과 비교하여 RMB51.5백만을 기록했습니다. 회사의 ASIC 칩 판매량은 4분기에 303.1% 증가하여 1,705,408개에 달했습니다.
회사는 ETH 기반 자산 5,702개를 보유하여 RMB141.2백만의 가치를 확대했습니다. 2025년 2월, ICG는 Aleo 채굴을 위한 AE BOX 시리즈를 출시하고 Web3 결제를 위한 Goldshell Wallet을 도입했습니다.
Intchains Group (Nasdaq: ICG) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec un chiffre d'affaires atteignant RMB74,2 millions (US$10,2 millions), en hausse de 109,2% par rapport à l'année précédente. Le bénéfice net du quatrième trimestre a augmenté de 58,2% pour atteindre RMB12,8 millions (US$1,8 millions).
Pour l'année entière 2024, le chiffre d'affaires a bondi de 242,7% à RMB281,8 millions (US$38,6 millions), avec un bénéfice net de RMB51,5 millions par rapport à une perte en 2023. Le volume des ventes de puces ASIC de l'entreprise a augmenté de 303,1% au quatrième trimestre, atteignant 1.705.408 unités.
L'entreprise a élargi ses avoirs en cryptomonnaies à 5.702 actifs basés sur ETH d'une valeur de RMB141,2 millions. En février 2025, ICG a lancé la série AE BOX pour le minage d'Aleo et a introduit le Goldshell Wallet pour les paiements Web3.
Intchains Group (Nasdaq: ICG) berichtete über starke Finanzzahlen für das vierte Quartal 2024, mit einem Umsatz von RMB74,2 Millionen (US$10,2 Millionen), was einem Anstieg von 109,2% im Vergleich zum Vorjahr entspricht. Der Nettogewinn im vierten Quartal stieg um 58,2% auf RMB12,8 Millionen (US$1,8 Millionen).
Für das Gesamtjahr 2024 stieg der Umsatz um 242,7% auf RMB281,8 Millionen (US$38,6 Millionen), mit einem Nettogewinn von RMB51,5 Millionen im Vergleich zu einem Verlust im Jahr 2023. Der Verkaufsvolumen der ASIC-Chips des Unternehmens wuchs im vierten Quartal um 303,1% auf 1.705.408 Einheiten.
Das Unternehmen erweiterte seine Kryptowährungsbestände auf 5.702 ETH-basierte Vermögenswerte im Wert von RMB141,2 Millionen. Im Februar 2025 brachte ICG die AE BOX-Serie für Aleo-Mining auf den Markt und stellte das Goldshell Wallet für Web3-Zahlungen vor.
- Revenue surged 242.7% YoY to RMB281.8M in 2024
- Q4 ASIC chip sales volume up 303.1% YoY
- Turned 2023 net loss into RMB51.5M profit in 2024
- ETH holdings increased 37% QoQ
- Successful expansion into Aleo mining market
- Q4 profit growth slower than revenue growth due to R&D expenses
- Higher cost of revenue impact on Q4 gross margins
- Decreased government grants affecting other income
- Interest income down 11.1% in Q4 due to reduced cash balance
Insights
Intchains Group (ICG) has delivered exceptional financial results for Q4 and full-year 2024, achieving a remarkable business transformation. The company reported Q4 revenue of $10.2 million (up 109.2% YoY) and full-year revenue of $38.6 million (up 242.7% YoY), with a decisive shift from a $26.8 million loss in 2023 to $7.1 million profit in 2024.
The company's strategic evolution into a three-pronged business model is proving effective. Their core altcoin mining hardware business saw ASIC chip sales volume increase 303.1% in Q4, driven by strong demand for Dogecoin mining equipment amid improving crypto market conditions. Their cryptocurrency treasury strategy has become a significant profit driver, with 5,702 ETH-based tokens valued at $19.3 million generating a $4.0 million fair value gain in Q4 alone. The third pillar - Web3 application development - is still nascent but shows promise with recent launches.
Notably, ICG's gross margin dynamics reveal an interesting pattern: while Q4 margins compressed due to product mix shifts, full-year margins expanded significantly thanks to higher-margin products launched in March 2024. This contributed substantially to the profitability turnaround despite a 158.7% increase in R&D expenses to $15.0 million for the year.
The company's strategic positioning as an early mover in Aleo mining (zero-knowledge proof technology) represents a calculated expansion beyond their established Dogecoin mining equipment business. This diversification, combined with their global revenue distribution (45.5% China, 54.5% international), provides some insulation from regional market fluctuations.
At a market cap of $228 million on $38.6 million revenue, ICG trades at a reasonable price-to-sales ratio relative to crypto-focused companies, though investors should consider the inherent volatility of cryptocurrency-linked businesses and potential regulatory risks in evaluating future growth prospects.
Intchains Group's financial results reveal a sophisticated cryptocurrency strategy that extends well beyond traditional mining hardware manufacturing. The company has effectively leveraged the 2024 crypto market recovery through three complementary business segments, each positioned to capture different aspects of the crypto value chain.
Their mining hardware business has capitalized on renewed interest in Dogecoin, with ASIC chip sales volume surging 303.1% in Q4. This performance demonstrates ICG's ability to identify and serve profitable market niches within the broader mining ecosystem, rather than competing directly with Bitcoin mining giants. The company's decision to focus on altcoin mining equipment has proven prescient as these markets often experience amplified growth during bull cycles.
ICG's Ethereum treasury strategy represents a particularly astute financial decision. By increasing ETH holdings by 37% quarter-over-quarter to approximately 5,702 ETH-based tokens, the company has effectively created a leveraged position on Ethereum's ecosystem growth. This approach transforms their balance sheet into a crypto-native financial instrument that can generate substantial returns during favorable market conditions, as evidenced by the $4.0 million fair value gain in Q4 alone. However, this strategy also introduces significant volatility risk that investors should carefully consider.
The company's expansion into zero-knowledge proof technology through Aleo mining products positions them at the frontier of blockchain privacy innovation. Zero-knowledge proofs enable computational verification without revealing underlying data - a technological breakthrough with applications ranging from private financial transactions to secure identity verification. By establishing an early foothold in this space, ICG is strategically positioning for the next wave of blockchain technology adoption.
Their Goldshell Wallet launch, while not expected to generate immediate material revenue, represents a strategic entry into the high-margin hardware wallet market dominated by companies like Ledger and Trezor. The air-gapped, triple-secured approach addresses growing security concerns among cryptocurrency holders following several high-profile software wallet compromises.
ICG's balanced geographic revenue distribution (45.5% China, 54.5% international) provides important diversification against regulatory risks, particularly given China's historically volatile stance toward cryptocurrency businesses. This global approach should help insulate the company from regional regulatory shocks while allowing them to capitalize on growth opportunities across different markets.
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Operating and Financial Highlights
- Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide range of altcoin mining products, with each unit incorporating anywhere from tens to thousands of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC chips for Q4 2024 was 1,705,408 units, compared to 423,040 units for the same period last year, representing an increase of
303.1% . - Revenue: Our revenue for Q4 2024 reached RMB74.2 million (US
$10.2 million ), reflecting a significant increase of109.2% from RMB35.5 million for the same period of 2023. For the fourth quarter of 2024, revenue derived from mainland China and overseas countries and regions accounted for67.0% and33.0% of our total revenue, respectively. - Net Income: Our net income for Q4 2024 was RMB12.8 million (US
$1.8 million ), reflecting an increase of58.2% from RMB8.1 million for the same period in 2023. - Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB14.8 million (US
$2.0 million ), reflecting an increase of54.2% from RMB9.6 million for the same period in 2023. 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. - Cryptocurrency Assets: As of December 31, 2024, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB148.8 million (US
$20.4 million ), primarily comprised of approximately 5,702 ETH-based cryptocurrencies, valued at RMB141.2 million (US$19.3 million ).
Full Year 2024 Operating and Financial Highlights
- Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Our sales volume of ASIC chips achieved 2,681,500 units for the year ended December 31, 2024, representing a year-over-year increase of
84.0% from 1,457,373 units for 2023. - Revenue: Our revenue was RMB281.8 million (US
$38.6 million ) for the year ended December 31, 2024, representing a year-over-year increase of242.7% from RMB82.2 million for 2023. For the year ended December 31, 2024, revenue derived from mainland China and overseas countries and regions accounted for45.5% and54.5% of our total revenue, respectively. - Net Income: Our net income was RMB51.5 million (US
$7.1 million ) for the year ended December 31, 2024, compared to a net loss of RMB26.8 million for 2023. - Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income for the year ended December 31, 2024 was RMB60.5 million (US
$8.3 million ), compared to a net loss of RMB23.3 million for 2023. 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.
Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “The cryptocurrency market showed strong performance in Q4 2024, with growing optimism from major financial institutions about its prospects for 2025. Riding this momentum, Dogecoin saw solid price growth during the quarter. As a leading supplier of Dogecoin mining machines, the Company also delivered satisfactory operational results in Q4 2024. The growth rate of net profit in Q4 was slower than that of revenue, primarily due to the Company's research and development expenses for the launch of new projects in 2025. the Company expects that the increased investment in research and development will better drive the Company's operational performance in 2025. Throughout this quarter, the Company continued its Ethereum treasury strategy, increasing its ETH holdings by
Looking ahead to 2025, the Company remains committed to expanding its presence in altcoin development. In February 2025, the Company introduced the AE BOX series of mining products, positioning itself as an early mover in Aleo mining. The Company will also continue upgrading its Dogecoin mining machines, reinforcing its industry leadership. Additionally, it will maintain its Ethereum treasury strategy throughout the year. On the application front, the Company took a significant step in Web3 payments with the launch of Goldshell Wallet in February 2025. This expansion reflects the Company’s commitment to broadening its Web3 ecosystem."
Fourth Quarter 2024 Financial Results
Revenue
Revenue was RMB74.2 million (US
Cost of Revenue
Cost of revenue was RMB54.8 million (US
Operating Expenses
Total operating expenses were RMB56.0million (US
- Research and development expenses increased by
228.7% to RMB45.9 million (US$6.3 million ) for the fourth quarter of 2024 from RMB14.0 million for the same period of 2023. The increase was primarily due to higher expenses related to preliminary research costs conducted for new projects, as well as increased personnel-related expenses. - Sales and marketing expenses increased by
62.1% to RMB2.9 million (US$0.4 million ) for the fourth quarter of 2024 from RMB1.8 million for the same period of 2023, mainly driven by increased personnel-related expenses. - General and administrative expenses remained relatively steady at RMB7.0 million and RMB7.2 million (US
$1.0 million ), respectively, for the fourth quarter of 2023 and 2024.
Interest Income
Interest income decreased by
Gain on fair value of cryptocurrency, net
Gain on fair value of cryptocurrency, net, for the fourth quarter of 2024 was RMB29.2 million (US
Other Income, Net
Other income, net, decreased by
Net Income
As a result of the foregoing, our net income increased by
Non-GAAP Adjusted Net Income
Non-GAAP adjusted net income increased by
Basic and Diluted Net Earnings Per Ordinary Share
Basic and diluted net earnings per ordinary share both increased by
Non-GAAP Basic and Diluted Net Earnings Per Ordinary Share
Non-GAAP adjusted basic and diluted net earnings per ordinary share increased by
Full Year 2024 Financial Results
Revenue
Revenue was RMB281.8 million (US
Cost of Revenue
Cost of revenue was RMB130.5 million (US
Operating Expenses
Total operating expenses were RMB148.2 million (US
- Research and development expenses increased by
158.7% to RMB109.4 million (US$15.0 million ) for 2024 from RMB42.3 million for 2023. The increase was primarily due to more products launched in 2024, as well as increased personnel-related expenses. - Sales and marketing expenses increased by
29.6% to RMB8.5 million (US$1.2 million ) for 2024 from RMB6.5 million for 2023, mainly driven by increased personnel-related expenses. - General and administrative expenses increased by
20.0% to RMB30.2 million (US$4.1 million ) for 2024 from RMB25.2 million for 2023, primarily due to increased personnel-related expenses and increased amortization expenses of trademarks.
Interest Income
Interest income remained relatively steady at RMB16.8 million and RMB16.2 million (US
Gain on fair value of cryptocurrency, net
Gain on fair value of cryptocurrency, net, for 2024 was RMB21.3 million (US
Other Income, Net
Other income, net, decreased by
Net Income/(loss)
As a result of the foregoing, we recorded a net income of RMB51.5 million (US
Basic and Diluted Net Earnings/(Losses) Per Ordinary Share
Basic and diluted net earnings per ordinary share were both RMB0.43 (US
Non-GAAP Basic and Diluted Net Earnings/(Losses) Per Ordinary Share
Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.50 (US
Recent Development
Aleo Mining: On February 7, 2025, the Company launched AE BOX series of cutting-edge mining products for Aleo, establishing itself as a pioneer in Aleo mining solutions. This marks the Company’s first venture into the zero-knowledge proof sector, further reinforcing its deep expertise and innovation in the altcoin space.
Goldshell Wallet: On February 26, 2025, the Company introduced the Goldshell Wallet, an air-gapped, triple-secured wallet designed for maximum security and seamless user experience. Currently in their trial stage, Goldshell Wallet is not expected to contribute materially to our profits during this phase. However, we believe they represent an important step toward becoming a company with a stable application development pipeline and the ability to navigate across the crypto cycle.
Conference Call Information
The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on February 27, 2025 (9:00 AM Beijing Time on February 28, 2025). Details for the conference call are as follows:
| Event Title: | Intchains Group Limited Fourth Quarter 2024 Earnings Conference Call |
| Date: | February 27, 2025 |
| Time: | 8:00 PM U.S. Eastern Time |
| Registration Link: | https://register.vevent.com/register/BI19e79ee987794b71a2f0af1c0f1a3d42 |
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.
Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://intchains.com/.
About Intchains Group Limited
Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.
Exchange Rate Information
The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
Use of Non-GAAP Financial Measures
In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For investor and media inquiries, please contact:
Intchains Group Limited
Investor relations
Email: ir@intchains.com
Redhill
Belinda Chan
Tel: +852-9379-3045
Email: belinda.chan@creativegp.com
| INTCHAINS GROUP LIMITED | |||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (All amounts in thousands, except share and per share data, or as otherwise noted) | |||||||||
| As of December 31, | |||||||||
| 2023 | 2024 | ||||||||
| RMB | RMB | US$ | |||||||
| ASSETS | |||||||||
| Current Assets： | |||||||||
| Cash and cash equivalents | 694,750 | 322,252 | 44,148 | ||||||
| USDC | — | 1,690 | 232 | ||||||
| Cryptocurrency-current | — | 30,079 | 4,121 | ||||||
| Inventories, net | 41,767 | 98,614 | 13,510 | ||||||
| Prepayments and other current assets, net | 47,403 | 69,703 | 9,549 | ||||||
| Short-term investments | 13,596 | 198,562 | 27,203 | ||||||
| Total current assets | 797,516 | 720,900 | 98,763 | ||||||
| Non-current Assets: | |||||||||
| Cryptocurrency-non-current | 645 | 148,790 | 20,384 | ||||||
| Long-term investments | — | 20,569 | 2,818 | ||||||
| Property, equipment, and software, net | 49,184 | 157,065 | 21,518 | ||||||
| Intangible assets, net | 3,425 | 3,552 | 487 | ||||||
| Right-of-use assets | 1,735 | 272 | 37 | ||||||
| Deferred tax assets | 12,899 | 28,942 | 3,965 | ||||||
| Prepayments on long-term assets | 113,425 | — | — | ||||||
| Other non-current assets | 421 | 9,419 | 1,290 | ||||||
| Total non-current assets | 181,734 | 368,609 | 50,499 | ||||||
| Total assets | 979,250 | 1,089,509 | 149,262 | ||||||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | |||||||||
| Current Liabilities: | |||||||||
| Accounts payable | 195 | 14,847 | 2,034 | ||||||
| Contract liabilities | 9,828 | 37,447 | 5,129 | ||||||
| Income tax payable | 1,634 | 2,023 | 277 | ||||||
| Lease liabilities | 1,103 | 272 | 37 | ||||||
| Provision for warranty | 40 | 161 | 22 | ||||||
| Accrued liabilities and other current liabilities | 15,364 | 21,692 | 2,971 | ||||||
| Total current liabilities | 28,164 | 76,442 | 10,470 | ||||||
| Non-current Liabilities: | |||||||||
| Deferred tax liabilities | — | — | — | ||||||
| Lease liabilities | 761 | — | — | ||||||
| Total non-current liabilities | 761 | — | — | ||||||
| Total liabilities | 28,925 | 76,442 | 10,470 | ||||||
| Shareholders' Equity: | |||||||||
| Ordinary shares (US | 1 | 1 | — | ||||||
| Subscriptions receivable from shareholders | (1 | ) | (1 | ) | — | ||||
| Additional paid-in capital | 186,262 | 195,236 | 26,747 | ||||||
| Statutory reserve | 48,265 | 51,762 | 7,091 | ||||||
| Accumulated other comprehensive income | 1,838 | 3,777 | 518 | ||||||
| Retained earnings | 713,960 | 762,292 | 104,436 | ||||||
| Total equity | 950,325 | 1,013,067 | 138,792 | ||||||
| Total liabilities and shareholders’ equity | 979,250 | 1,089,509 | 149,262 | ||||||
| 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, | ||||||||||
| 2023 | 2024 | |||||||||
| RMB | RMB | US$ | ||||||||
| Products revenue | 35,454 | 74,177 | 10,162 | |||||||
| Cost of revenue | (14,132 | ) | (54,752 | ) | (7,501 | ) | ||||
| Gross profit | 21,322 | 19,425 | 2,661 | |||||||
| Operating expenses: | ||||||||||
| Research and development expenses | (13,962 | ) | (45,887 | ) | (6,286 | ) | ||||
| Sales and marketing expenses | (1,787 | ) | (2,897 | ) | (397 | ) | ||||
| General and administrative expenses | (7,040 | ) | (7,237 | ) | (991 | ) | ||||
| Total operating expenses | (22,789 | ) | (56,021 | ) | (7,674 | ) | ||||
| Loss from operations | (1,467 | ) | (36,596 | ) | (5,013 | ) | ||||
| Interest income | 4,248 | 3,778 | 518 | |||||||
| Foreign exchange gains/(losses), net | (971 | ) | 2,264 | 310 | ||||||
| Gain on fair value of cryptocurrency, net | — | 29,228 | 4,004 | |||||||
| Other income, net | 7,458 | 5,237 | 717 | |||||||
| Income before income tax expenses | 9,268 | 3,911 | 536 | |||||||
| Income tax (expense)/benefit | (1,190 | ) | 8,870 | 1,215 | ||||||
| Net Income | 8,078 | 12,781 | 1,751 | |||||||
| Foreign currency translation adjustment, net of nil tax | (826 | ) | 4,127 | 565 | ||||||
| Total comprehensive income | 7,252 | 16,908 | 2,316 | |||||||
| Weighted average number of shares used in per share calculation | ||||||||||
| — Basic | 119,876,032 | 119,962,962 | 119,962,962 | |||||||
| — Diluted | 119,921,358 | 119,980,895 | 119,980,895 | |||||||
| Net earnings per share | ||||||||||
| — Basic | 0.07 | 0.11 | 0.01 | |||||||
| — Diluted | 0.07 | 0.11 | 0.01 | |||||||
| 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, | ||||||||||
| 2023 | 2024 | |||||||||
| RMB | RMB | US$ | ||||||||
| Products revenue | 82,225 | 281,767 | 38,602 | |||||||
| Cost of revenue | (73,147 | ) | (130,452 | ) | (17,872 | ) | ||||
| Gross profit | 9,078 | 151,315 | 20,730 | |||||||
| Operating expenses: | ||||||||||
| Research and development expenses | (42,304 | ) | (109,443 | ) | (14,994 | ) | ||||
| Sales and marketing expenses | (6,532 | ) | (8,468 | ) | (1,160 | ) | ||||
| General and administrative expenses | (25,210 | ) | (30,248 | ) | (4,144 | ) | ||||
| Total operating expenses | (74,046 | ) | (148,159 | ) | (20,298 | ) | ||||
| Income/(loss) from operations | (64,968 | ) | 3,156 | 432 | ||||||
| Interest income | 16,750 | 16,235 | 2,224 | |||||||
| Foreign exchange gains/(losses), net | (524 | ) | 1,382 | 189 | ||||||
| Gain on fair value of cryptocurrency, net | — | 21,322 | 2,921 | |||||||
| Other income, net | 13,191 | 8,082 | 1,107 | |||||||
| Income/(loss) before income tax expenses | (35,551 | ) | 50,177 | 6,873 | ||||||
| Income tax benefit | 8,756 | 1,320 | 181 | |||||||
| Net Income/(loss) | (26,795 | ) | 51,497 | 7,054 | ||||||
| Foreign currency translation adjustment, net of nil tax | 1,838 | 1,939 | 266 | |||||||
| Total comprehensive income/(loss) | (24,957 | ) | 53,436 | 7,320 | ||||||
| Weighted average number of shares used in per share calculation | ||||||||||
| — Basic | 119,387,937 | 119,932,051 | 119,932,051 | |||||||
| — Diluted | 119,387,937 | 120,011,806 | 120,011,806 | |||||||
| Net earnings/(losses) per share | ||||||||||
| — Basic | (0.22 | ) | 0.43 | 0.06 | ||||||
| — Diluted | (0.22 | ) | 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, | |||||||||
| 2023 | 2024 | ||||||||
| RMB | RMB | US$ | |||||||
| Loss from operations | (1,467 | ) | (36,596 | ) | (5,013 | ) | |||
| Add: | |||||||||
| Share-based compensation expense | 1,501 | 1,992 | 273 | ||||||
| Non-GAAP adjusted operating income/(loss) | 34 | (34,604 | ) | (4,740 | ) | ||||
| Net income | 8,078 | 12,781 | 1,751 | ||||||
| Add: | |||||||||
| Share-based compensation expense | 1,501 | 1,992 | 273 | ||||||
| Non-GAAP adjusted net income | 9,579 | 14,773 | 2,024 | ||||||
| Non-GAAP adjusted net earnings per share | |||||||||
| — Basic | 0.08 | 0.12 | 0.02 | ||||||
| — Diluted | 0.08 | 0.12 | 0.02 | ||||||
| INTCHAINS GROUP LIMITED | |||||||||
| RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||||||||
| (All amounts in thousands, except per share data) | |||||||||
| For the Year ended December 31, | |||||||||
| 2023 | 2024 | ||||||||
| RMB | RMB | US$ | |||||||
| Income/(loss) from operations | (64,968 | ) | 3,156 | 432 | |||||
| Add: | |||||||||
| Share-based compensation expense | 3,474 | 8,973 | 1,229 | ||||||
| Non-GAAP adjusted operating income/(loss) | (61,494 | ) | 12,129 | 1,661 | |||||
| Net income/(loss) | (26,795 | ) | 51,497 | 7,054 | |||||
| Add: | |||||||||
| Share-based compensation expense | 3,474 | 8,973 | 1,229 | ||||||
| Non-GAAP adjusted net income/(loss) | (23,321 | ) | 60,470 | 8,283 | |||||
| Non-GAAP adjusted net earnings/(losses) per share | |||||||||
| — Basic | (0.20 | ) | 0.50 | 0.07 | |||||
| — Diluted | (0.20 | ) | 0.50 | 0.07 | |||||
| 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 | ||||||||||||
| 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
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