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Intchains Group Limited Reports Second Quarter 2024 Unaudited Financial Results

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Intchains Group (Nasdaq: ICG) reported strong financial results for Q2 2024:

- Revenue increased 785.1% YoY to RMB123.0 million (US$16.9 million)
- Net income of RMB50.4 million (US$6.9 million), compared to a net loss in Q2 2023
- ASIC chip sales volume decreased 26.2% YoY to 274,019 units
- Cryptocurrency holdings valued at RMB135.7 million (US$18.7 million)

Key highlights:
- Launched new Goldshell-branded computing equipment for cryptocurrency mining
- Expanded overseas, with 71.7% of Q2 revenue from international markets
- Continued focus on technological innovation and cryptocurrency acquisition strategy

Intchains Group (Nasdaq: ICG) ha riportato risultati finanziari eccezionali per il secondo trimestre del 2024:

- I ricavi sono aumentati del 785,1% su base annua, raggiungendo RMB123,0 milioni (US$16,9 milioni)
- Utile netto di RMB50,4 milioni (US$6,9 milioni), rispetto a una perdita netta nel secondo trimestre del 2023
- Il volume delle vendite di chip ASIC è diminuito del 26,2% su base annua, con un totale di 274.019 unità
- Le criptovalute detenute sono valutate RMB135,7 milioni (US$18,7 milioni)

Principali punti salienti:
- Lancio di nuovi apparecchiature di calcolo a marchio Goldshell per il mining di criptovalute
- Espansione all'estero, con il 71,7% dei ricavi del secondo trimestre provenienti dai mercati internazionali
- Monitoraggio continuo dell'innovazione tecnologica e della strategia di acquisizione di criptovalute

Intchains Group (Nasdaq: ICG) reportó resultados financieros sólidos para el segundo trimestre de 2024:

- Los ingresos aumentaron un 785,1% interanual, alcanzando RMB123,0 millones (US$16,9 millones)
- Ingreso neto de RMB50,4 millones (US$6,9 millones), en comparación con una pérdida neta en el segundo trimestre de 2023
- El volumen de ventas de chips ASIC disminuyó un 26,2% interanual a 274,019 unidades
- Las tenencias de criptomonedas se valoraron en RMB135,7 millones (US$18,7 millones)

Aspectos destacados:
- Lanzamiento de nuevos equipos de computación de la marca Goldshell para la minería de criptomonedas
- Expansión al extranjero, con el 71,7% de los ingresos del segundo trimestre provenientes de mercados internacionales
- Enfoque continuo en la innovación tecnológica y en la estrategia de adquisición de criptomonedas

Intchains Group (Nasdaq: ICG)는 2024년 2분기 강력한 재무 결과를 보고했습니다:

- 수익이 전년 대비 785.1% 증가하여 RMB123.0 백만 (US$16.9 백만)에 도달했습니다.
- 순이익은 RMB50.4 백만 (US$6.9 백만)으로, 2023년 2분기에는 순손실을 기록했습니다.
- ASIC 칩 판매량은 전년 대비 26.2% 감소하여 274,019 대에 이르렀습니다.
- 암호화폐 보유액은 RMB135.7 백만 (US$18.7 백만)으로 평가되었습니다.

주요 하이라이트:
- 암호화폐 채굴을 위한 Goldshell 브랜드의 새로운 컴퓨팅 장비 출시
- 해외로의 확장, 2분기 수익의 71.7%가 국제 시장에서 발생
- 기술 혁신 및 암호화폐 인수 전략에 지속적으로 집중

Intchains Group (Nasdaq: ICG) a annoncé de solides résultats financiers pour le deuxième trimestre 2024 :

- Les revenus ont augmenté de 785,1 % d'une année sur l'autre, atteignant RMB123,0 millions (US$16,9 millions)
- Bénéfice net de RMB50,4 millions (US$6,9 millions), comparé à une perte nette au T2 2023
- Le volume des ventes de puces ASIC a diminué de 26,2 % d'une année sur l'autre, atteignant 274 019 unités
- Les actifs en cryptomonnaies sont évalués à RMB135,7 millions (US$18,7 millions)

Points saillants :
- Lancement de nouveaux équipements informatiques de la marque Goldshell pour le minage de cryptomonnaies
- Expansion à l'international, avec 71,7 % des revenus du T2 provenant des marchés internationaux
- Poursuite de l'innovation technologique et de la stratégie d'acquisition de cryptomonnaies

Intchains Group (Nasdaq: ICG) hat für das zweite Quartal 2024 beeindruckende finanzielle Ergebnisse gemeldet:

- Der Umsatz stieg im Jahresvergleich um 785,1% auf RMB123,0 Millionen (US$16,9 Millionen)
- Nettogewinn von RMB50,4 Millionen (US$6,9 Millionen), verglichen mit einem Nettoverlust im 2. Quartal 2023
- Der Verkaufsvolumen von ASIC-Chips sank um 26,2% im Jahresvergleich auf 274.019 Einheiten
- Die Cryptocurrency-Bestände wurden auf RMB135,7 Millionen (US$18,7 Millionen) bewertet.

Wichtigste Highlights:
- Einführung neuer Goldshell-Mining-Ausrüstung für das Mining von Kryptowährungen
- Internationales Wachstum, 71,7% des Umsatzes im 2. Quartal aus internationalen Märkten
- Kontinuierlicher Fokus auf technologische Innovation und die Strategie zur Akquisition von Kryptowährungen

Positive
  • Revenue increased 785.1% year-over-year to RMB123.0 million (US$16.9 million)
  • Net income of RMB50.4 million (US$6.9 million), compared to a net loss in Q2 2023
  • Successful launch of new Goldshell-branded computing equipment for cryptocurrency mining
  • Significant international expansion, with 71.7% of Q2 revenue from overseas markets
  • Increased cryptocurrency holdings, valued at RMB135.7 million (US$18.7 million)
Negative
  • ASIC chip sales volume decreased 26.2% year-over-year to 274,019 units
  • Increase in operating expenses by 40.2% year-over-year
  • Loss on fair value of cryptocurrency of RMB0.3 million (US$0.04 million)

Insights

Intchains Group's Q2 2024 results show a remarkable 785.1% YoY revenue increase to RMB123.0 million (US$16.9 million), driven by higher-priced ASIC chip products. The company swung to a net profit of RMB50.4 million (US$6.9 million) from a loss in Q2 2023. However, ASIC chip sales volume decreased by 26.2% YoY.

The introduction of new Goldshell-branded computing equipment for various cryptocurrencies has significantly boosted sales. Notably, overseas revenue now accounts for 71.7% of total revenue, marking successful international expansion. The company's cryptocurrency holdings, valued at RMB135.7 million (US$18.7 million), add a new dimension to its business model.

While impressive growth is evident, investors should monitor the sustainability of high margins and the impact of cryptocurrency market volatility on Intchains' performance and asset value.

Intchains' pivot towards advanced ASIC chips for emerging cryptocurrencies like Kaspa and Alephium demonstrates astute market positioning. The superior hashrates of their new products indicate a technological edge in the competitive mining hardware sector.

The company's strategy of holding Ethereum (ETH) and stablecoins (USDT, USDC) balances potential appreciation with stability. This approach could provide a hedge against market volatility while maintaining liquidity for operations.

The shift to accepting cryptocurrency payments for overseas sales is a double-edged sword. It aligns with their target market but exposes them to additional price volatility risks. Their ability to manage these risks will be important for long-term stability.

Intchains' focus on WEB3 innovation positions them well in the evolving blockchain landscape, but they must continue to adapt to rapid technological changes and regulatory developments in this dynamic sector.

SHANGHAI, China, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a provider of integrated solutions consisting of high-performance computing ASIC chip products for blockchain applications and a corporate holder of cryptocurrencies based on Ethereum, or ETH, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Operating and Financial Highlights

  • Sales volume of ASIC chips is 274,019 units for the second quarter of 2024, compared to 371,423 units for the same period of 2023, representing a decrease of 26.2%. ASIC chip sales for the second quarter of 2024 consisted of 100,082 units sold directly to customers and 173,937 units embedded in computing equipment for blockchain applications.
  • Revenue was RMB123.0 million (US$16.9 million) for the second quarter of 2024, representing an increase of 785.1% from RMB13.9 million for the same period of 2023.
  • Net income was RMB50.4 million (US$6.9 million) for the second quarter of 2024, compared to net loss of RMB20.5 million for the same period of 2023.
  • As of June 30, 2024, the fair value of our cryptocurrency assets was RMB135.7 million (US$18.7 million), primarily comprised of approximately 2,417 ETH with a total fair value of RMB59.3 million (US$8.3 million), and approximately 10,422,648 Tether (USDT) and USD Coin (USDC) with a total fair value of RMB74.1 million (US$10.4 million).

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “In the second quarter of 2024, the WEB3 industry as a whole has continued to demonstrate robust year-over-year growth. Since March, we began mass production and sales of our newly introduced Goldshell-branded Box series computing equipment, designed for Kaspa, Alephium, Litecoin and Dogecoin cryptocurrency mining. These products, powered by our latest ASIC chips, have garnered substantial market recognition since their launch due to their robust technical specifications, including superior hashrates, and have contributed to our second quarter revenue of RMB123.0 million, representing an increase of 785.1% year-over-year. Looking ahead, Intchains remains focused to technological innovation, aiming to deliver higher-quality and more efficient solutions in the WEB3 industry.

Mr. Ding added, “Since implementing our cryptocurrency acquisition strategy last quarter, we have continued to increase our ETH holdings, optimizing our asset allocation. We believe that this strategy, along with our cutting-edge technology and advanced go-to-market capabilities, will significantly enhance the resilience and profitability of our business model, positioning us strongly to capitalize on long-term opportunities in the WEB3 market.”

Second Quarter 2024 Financial Results

Revenue

Revenue was RMB123.0 million (US$16.9 million) for the second quarter of 2024, representing an increase of 785.1% from RMB13.9 million for the same period of 2023. The substantial growth was primarily driven by a significant increase in the average selling price of our ASIC chip products, which was attributed to the sales of our latest ASIC chip products, which commanded higher average selling price compared to the older ASIC chip products.

Cost of Revenue

Cost of revenue was RMB40.9 million (US$5.6 million) for the second quarter of 2024, representing an increase of 33.2% from RMB30.7 million for the same period of 2023. The increase was primarily caused by the impact of inventory write-down, prepayment write-down and provision for inventory purchase commitments, which amounted to RMB 30.3 million (US$4.2 million) for the second quarter of 2024, compared to RMB22.5 million for the same period of 2023. The percentage increase in cost of revenue was substantially lower than the percentage increase in our revenue, which was primarily due to the higher gross margins for our latest ASIC chip products.

Operating Expenses

Total operating expenses were RMB24.3 million (US$3.3 million) for the second quarter of 2024, representing an increase of 40.2% from RMB17.3 million for the same period of 2023. The increase was primarily due to an increase in research and development expenses, sales and marketing expenses, and general and administrative expenses.

  • Research and development expenses increased by 47.6% to RMB13.2 million (US$1.8 million) for the second quarter of 2024 from RMB9.0 million for the same period of 2023, primarily due to the increased share-based incentive expenses, labor costs and expenses related to our research and development projects.
  • Sales and marketing expenses increased by 48.5% to RMB1.9 million (US$0.3 million) for the second quarter of 2024 from RMB1.3 million for the same period of 2023, mainly driven by the increased business promotion expenses, increased share-based incentive expenses and labor costs.
  • General and administrative expenses increased by 25.5% to RMB8.9 million (US$1.2 million) for the second quarter of 2024 from RMB7.1 million for the same period of 2023, mainly driven by the increased taxes surcharges, as well as the increased share-based incentive expenses and labor costs.
  • Loss on fair value of cryptocurrency, net, for the second quarter of 2024 was RMB0.3 million (US$0.04 million), compared to nil in the same period of 2023.

Interest Income

Interest income decreased by 5.6% to RMB4.1 million (US$0.6 million) for the second quarter of 2024 from RMB4.4 million for the same period of 2023.

Other Income, Net

Other income, net, decreased to RMB0.1 million (US$0.02 million) for the second quarter of 2024 from RMB0.3 million for the same period of 2023, mainly due to the decrease of government grants, which was partially offset by the change in the fair value of short-term investments.

Net Income/(Loss)

As a result of the foregoing, we recorded a net income of RMB50.4 million (US$6.9 million) for the second quarter of 2024, compared to a net loss of RMB20.5 million for the same period of 2023.

Basic and Diluted Net Earnings/(Loss) Per Ordinary Share

Basic and diluted net earnings per ordinary share were RMB0.42 (US$0.06) for the second quarter of 2024, compared to basic and diluted net loss per ordinary share of RMB0.17 for the same period of 2023. Each ADS represents two of the Company’s Class A ordinary shares.

Recent Developments

Overseas Expansion

We have historically generated all of our revenue from sales in the PRC. However, with the continued implementation of our overseas development strategy and the official launch of our Goldshell-branded computing equipment for blockchain applications targeted at overseas markets at the beginning of March 2024, we started generating revenue from customers in overseas countries and regions, primarily in Hong Kong and the United States. For the second quarter of 2024, our overseas revenue accounted for 71.7% of our total revenue. For our overseas sales, we accept cryptocurrencies as a form of payment for our products, subject to applicable local laws and regulations. We may or may not liquidate such cryptocurrencies upon receipt.

Conference Call Information

The Company’s management team will host an earnings conference call to discuss its financial results at 9:00 P.M. U.S. Eastern Time on August 15, 2024 (9:00 A.M. Beijing Time on August 16, 2024). Details for the conference call are as follows:

Event Title:Intchains Group Limited Second Quarter 2024 Earnings Conference Call
Date:August 15, 2024
Time:9:00 P.M. U.S. Eastern Time
Registration Link:https://register.vevent.com/register/BI867e1497d39c4c20aecc6767dc702afb
  

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 provider of integrated solutions consisting of high-performance computing ASIC chip products for blockchain applications and a corporate holder of cryptocurrencies based on ETH. The Company utilizes a fabless business model and specializes in the front-end and back-end of IC design, the two major components of the IC product development chain. The Company has established strong supply chain management with a leading foundry, which helps to ensure its product quality and stable production output. The Company’s products consist of high-performance computing ASIC chips with high computing power and superior power efficiency, computing equipment incorporating its ASIC chips, and ancillary software and hardware, all of which cater to the evolving needs of the blockchain industry. The Company has built a proprietary technology platform named “Xihe” to develop a wide range of ASIC chips with high efficiency and scalability. To support its WEB3 industry development initiatives, the Company acquires and holds ETH-based cryptocurrencies as its long-term asset reserve using liquid assets that exceed its working capital requirements. 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$1.00=RMB7.2672 on the last trading day of the second quarter of 2024 (June 28, 2024). No representation is made that the RMB amounts could have been, or could be, converted into US$ 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.

For investor and media inquiries, please contact:

Intchains Group Limited

Investor relations
Email: ir@intchains.com


 
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share and per share data, or as otherwise noted)

 As of December 31, As of June 30,
 2023 2024
 RMB RMBUS$
ASSETS     
Current Assets:     
Cash and cash equivalents694,750  645,064 88,764
Inventories, net41,767  40,526 5,576
Prepayments and other current assets, net47,403  59,625 8,205
Short-term investments13,596  16,554 2,278
Total current assets 797,516  761,769 104,823
Non-current Assets:    
Cryptocurrency645  135,668 18,668
Property, equipment, and software, net49,184  48,563 6,682
Intangible assets, net3,425  3,767 518
Right-of-use assets1,735  1,253 172
Deferred tax assets12,899  21,049 2,896
Prepayments on long-term assets113,425  112,856 15,530
Other non-current assets421  740 102
Total non-current assets 181,734  323,896 44,568
Total assets 979,250  1,085,665 149,391
LIABILITIES, AND SHAREHOLDERS’ EQUITY    
Current Liabilities:     
Accounts payable195  4,170 574
Contract liabilities9,828  61,038 8,399
Income tax payable1,634  9,225 1,269
Lease liabilities1,103  1,511 208
Provision for warranty40  128 18
Accrued liabilities and other current liabilities15,364  19,817 2,727
Total current liabilities 28,164  95,889 13,195
Non-current Liabilities:     
Deferred tax liabilities  45 6
Lease liabilities761   
Total non-current liabilities 761  45 6
Total liabilities 28,925  95,934 13,201
Shareholders' Equity:     
Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 119,876,032 and 120,023,092 shares issued, 119,876,032 and 119,957,044 shares outstanding as of December 31, 2023 and June 30, 2024, respectively)1  1 
Subscriptions receivable from shareholders(1) (1)
Additional paid-in capital186,262  189,997 26,144
Statutory reserve48,265  50,923 7,007
Accumulated other comprehensive income1,838  1,617 222
Retained earnings713,960  747,194 102,817
Total equity 950,325  989,731 136,190
Total liabilities and shareholders’ equity 979,250  1,085,665 149,391


 
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 June 30, 
 2023  2024
 RMB RMBUS$ 
Products revenue 13,899  123,014 16,927 
Cost of revenue (30,717) (40,930)(5,632)
Gross profit/(loss)(16,818) 82,084 11,295 
Operating expenses:     
Research and development expenses(8,977) (13,247)(1,823)
Sales and marketing expenses(1,274) (1,892)(260)
General and administrative expenses(7,055) (8,857)(1,219)
Loss on fair value of cryptocurrency, net  (259)(36)
Total operating expenses (17,306) (24,255)(3,338)
Income/(loss) from operations(34,124) 57,829 7,957 
Interest income4,391  4,145 570 
Foreign exchange gains, net989  673 93 
Other income, net283  125 17 
Income/(loss) before income tax expenses (28,461) 62,772 8,637 
Income tax (expense)/benefit7,948  (12,417)(1,709)
Net Income/(loss)(20,513) 50,355 6,928 
Foreign currency translation adjustment, net of nil tax3,170  (329)(45)
Total comprehensive income/(loss) (17,343) 50,026 6,883 
     
Weighted average number of shares used in per share calculation     
— Basic119,876,032  119,915,507 119,915,507 
— Diluted119,877,800  120,014,635 120,014,635 
Net earnings/(loss) per share    
— Basic(0.17) 0.42 0.06 
— Diluted(0.17) 0.42 0.06 


 
INTCHAINS GROUP LIMITED
UNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION


As of Quarter Ended CryptocurrencyApproximate
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)
  UnitUSDUSDUSDUSDUSDUSDUSDUSD
June 30, 2024




ETH1,9376,179,7443,1902,8145,450,7183,9747,697,6383,3946,574,178
ETH-Coinbase Staked4801,301,1082,7112,9541,417,9204,2432,036,6403,6451,749,600
Bitcoin3.95265,88367,31256,500223,17572,777287,46961,613243,371
USDT&USDC10,422,64810,423,2761110,386,315110,458,980110,404,063
OthersMultiple *107,484Multiple *Multiple *54,226Multiple *122,435Multiple *64,202
Total 18,277,495  17,532,354 20,603,162 19,035,414
           
March 31, 2024




ETH346999,1802,8882,100726,6004,0941,416,5243,6181,251,828
ETH-Coinbase Staked4791,297,6872,7092,2361,071,0444,3412,079,3393,8421,840,318
Bitcoin0.6744,99567,15738,50125,79673,83649,47070,40747,173
USDT&USDC99,58399,5831199,583199,583199,583
OthersMultiple *81,571Multiple *Multiple *67,814Multiple *124,481Multiple *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 our revenue recognition cut-off.
(f) The "Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price" represents a mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.


FAQ

What was Intchains Group's (ICG) revenue for Q2 2024?

Intchains Group's revenue for Q2 2024 was RMB123.0 million (US$16.9 million), representing an increase of 785.1% from the same period in 2023.

How many ASIC chips did Intchains Group (ICG) sell in Q2 2024?

Intchains Group sold 274,019 ASIC chips in Q2 2024, consisting of 100,082 units sold directly to customers and 173,937 units embedded in computing equipment for blockchain applications.

What was Intchains Group's (ICG) net income for Q2 2024?

Intchains Group reported a net income of RMB50.4 million (US$6.9 million) for Q2 2024, compared to a net loss of RMB20.5 million in the same period of 2023.

What new products did Intchains Group (ICG) launch in Q2 2024?

Intchains Group began mass production and sales of its new Goldshell-branded Box series computing equipment, designed for Kaspa, Alephium, Litecoin, and Dogecoin cryptocurrency mining.

What percentage of Intchains Group's (ICG) Q2 2024 revenue came from overseas markets?

71.7% of Intchains Group's total revenue for Q2 2024 came from overseas markets, primarily in Hong Kong and the United States.

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