Intchains Group Limited Reports Third Quarter 2024 Unaudited Financial Results
Intchains Group reported strong Q3 2024 financial results with revenue reaching RMB60.3 million (US$8.6 million), up 781.4% year-over-year. The company achieved a net income of RMB3.2 million, compared to a net loss of RMB19.1 million in Q3 2023. ASIC chip sales volume increased 25.9% to 207,838 units. The company's cryptocurrency assets reached RMB149.5 million, including 4,149 ETH and approximately 9.8 million USDT/USDC. Notable developments include the launch of Goldshell Pay payment solution and plans for a hardware crypto wallet in Q4 2024.
Intchains Group ha riportato risultati finanziari forti per il terzo trimestre del 2024, con entrate che hanno raggiunto RMB60.3 milioni (US$8.6 milioni), in aumento del 781,4% rispetto all'anno precedente. L'azienda ha registrato un reddito netto di RMB3.2 milioni, rispetto a una perdita netta di RMB19.1 milioni nel terzo trimestre del 2023. Il volume delle vendite di chip ASIC è aumentato del 25,9% raggiungendo 207.838 unità. Gli asset in criptovaluta dell'azienda hanno raggiunto RMB149.5 milioni, compresi 4.149 ETH e circa 9.8 milioni di USDT/USDC. Tra gli sviluppi significativi si trovano il lancio della soluzione di pagamento Goldshell Pay e i piani per un portafoglio hardware di criptovalute nel quarto trimestre del 2024.
Intchains Group informó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos alcanzando RMB60.3 millones (US$8.6 millones), un aumento del 781.4% en comparación con el año anterior. La compañía logró un ingreso neto de RMB3.2 millones, en comparación con una pérdida neta de RMB19.1 millones en el tercer trimestre de 2023. El volumen de ventas de chips ASIC aumentó un 25.9% alcanzando las 207,838 unidades. Los activos en criptomonedas de la empresa alcanzaron RMB149.5 millones, incluyendo 4,149 ETH y aproximadamente 9.8 millones en USDT/USDC. Entre los desarrollos destacados se encuentran el lanzamiento de la solución de pago Goldshell Pay y planes para una billetera de hardware de criptomonedas en el cuarto trimestre de 2024.
Intchains Group는 2024년 3분기 금융 결과에서 RMB60.3 백만 (US$8.6 백만)의 수익을 기록하며 전년 대비 781.4% 증가했다고 보고했습니다. 회사는 2023년 3분기에 RMB19.1 백만의 순손실에 비해 RMB3.2 백만의 순이익을 달성했습니다. ASIC 칩 판매량은 25.9% 증가하여 207,838대로 늘었습니다. 회사의 암호화폐 자산은 149.5백만 RMB에 달하며, 4,149 ETH 및 약 9.8 백만 USDT/USDC가 포함되어 있습니다. 주목할 만한 발전으로는 Goldshell Pay 결제 솔루션의 출시와 2024년 4분기에 하드웨어 암호화폐 지갑을 계획하고 있습니다.
Intchains Group a annoncé des résultats financiers solides pour le troisième trimestre de 2024, avec des revenus atteignant RMB60,3 millions (8,6 millions de dollars américains), en hausse de 781,4 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net de 3,2 millions de RMB, contre une perte nette de 19,1 millions de RMB au troisième trimestre 2023. Le volume des ventes de puces ASIC a augmenté de 25,9 % pour atteindre 207 838 unités. Les actifs en cryptomonnaie de l'entreprise ont atteint 149,5 millions de RMB, comprenant 4 149 ETH et environ 9,8 millions USDT/USDC. Parmi les développements notables figurent le lancement de la solution de paiement Goldshell Pay et les projets d'un portefeuille matériel de cryptomonnaie pour le quatrième trimestre 2024.
Intchains Group berichtete über starke Finanzergebnisse im dritten Quartal 2024, wobei der Umsatz RMB60,3 Millionen (US$8,6 Millionen) erreichte, was einem Anstieg von 781,4% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Nettogewinn von RMB3,2 Millionen, während es im dritten Quartal 2023 einen Nettoverlust von RMB19,1 Millionen verzeichnete. Das Verkaufsvolumen von ASIC-Chips stieg um 25,9% auf 207.838 Einheiten. Die Krypto-Assets des Unternehmens beliefen sich auf RMB149,5 Millionen, einschließlich 4.149 ETH und ungefähr 9,8 Millionen USDT/USDC. Zu den bemerkenswerten Entwicklungen gehören die Einführung der Zahlungsanwendung Goldshell Pay und die Pläne für eine Hardware-Krypto-Brieftasche im vierten Quartal 2024.
- Revenue increased 781.4% YoY to RMB60.3 million
- Turned profitable with net income of RMB3.2 million vs previous loss
- ASIC chip sales volume grew 25.9% to 207,838 units
- ETH holdings increased 71.7% from Q2 2024
- Higher gross margins from latest ASIC chip products
- Loss of RMB13.1 million on cryptocurrency fair value due to ETH price decline
- Operating expenses increased 90.8% to RMB37.7 million
- Interest income decreased 8.9% due to reduced cash levels
- Goldshell Pay not expected to contribute materially to profits during trial phase
Insights
The Q3 2024 results show remarkable growth with revenue surging
The company's strategic pivot towards ETH accumulation, with a
SHANGHAI, China, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), an innovative altcoins development company that primarily focuses on providing integrated solutions consisting of high-performance computing ASIC chip products for altcoins, and on acquiring and holding ETH-based cryptocurrencies as its long-term asset reserve to support its Web3 industry development initiatives including actively developing Web3-based applications, today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Operating and Financial Highlights
- Sales volume of ASIC chips: Our sales volume of ASIC chips for Q3 2024 was 207,838 units, compared to 165,056 units for the same period in 2023, representing an increase of
25.9% . All ASIC chip sales in the third quarter of 2024 were for chips embedded in computing equipment used for blockchain applications. - Revenue: Our revenue for Q3 2024 reached RMB60.3 million (US
$8.6 million ), reflecting a significant increase of781.4% from RMB6.8 million for the same period of 2023. For the third quarter of 2024, revenue derived from mainland China and overseas countries and regions accounted for37.8% and62.2% of our total revenue, respectively. - Net Income: We reported a net income of RMB3.2 million (US
$0.5 million ) for Q3 2024, compared to a net loss of RMB19.1 million for the same period in 2023. - Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income in the third quarter of 2024 was RMB6.4 million (US
$0.9 million ), as compared to a non-GAAP adjusted net loss of RMB17.6 million in the third quarter of 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 September 30, 2024, the fair value of our cryptocurrency assets was RMB149.5 million (US
$21.3 million ), primarily comprised of approximately 4,149 ETH, valued at RMB76.4 million (US$10.9 million ), and approximately 9,847,687 Tether (USDT) and USD Coin (USDC) with a total fair value of RMB69.0 million (US$9.8 million ).
Intchains Group Unveils: Innovation and a Promising Outlook
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “We are pleased to see the development of the crypto industry in 2024, which has driven the Company’s third quarter revenue to US
Third Quarter 2024 Financial Results
Revenue
Revenue was RMB60.3 million (US
Cost of Revenue
Cost of revenue was RMB19.5 million (US
Operating Expenses
Total operating expenses were RMB37.7 million (US
- Research and development expenses increased by
21.1% to RMB13.8 million (US$2.0 million ) for the third quarter of 2024 from RMB11.4 million for the same period of 2023. The increase was primarily due to the increased share-based incentive expenses and labor costs. - Sales and marketing expenses remained steady at RMB2.2 million and RMB2.1 million (US
$0.3 million ), respectively, for the third quarter of 2023 and 2024. - General and administrative expenses increased by
41.6% to RMB8.7 million (US$1.2 million ) for the third quarter of 2024 from RMB6.2 million for the same period of 2023, mainly driven by increased share-based incentive expenses, travelling expenses, and entertainment fees. - Loss on fair value of cryptocurrency, net, for the third quarter of 2024 was RMB13.1 million (US
$1.9 million ), compared to nil in the same period of 2023. The loss was primarily due to the volatility of the cryptocurrency market, with ETH falling approximately24.2% from the end of the second quarter to the end of the third quarter of 2024.
Interest Income
Interest income decreased by
Other Income, Net
Other income, net, increased by
Net Income/(Loss)
As a result of the foregoing, we recorded a net income of RMB3.2 million (US
Non-GAAP Adjusted Net Income/(Loss)
Non-GAAP adjusted net income in the third quarter of 2024 was RMB6.4 million (US
Basic and Diluted Net Earnings/(Loss) Per Ordinary Share
Basic and diluted net earnings per ordinary share were RMB0.03 (US$nil) for the third quarter of 2024, compared to basic and diluted net loss per ordinary share of RMB0.16 for the same period of 2023.
Non-GAAP Basic and Diluted Net Earnings/(Loss) Per Ordinary Share
Non-GAAP adjusted diluted net income per ADS was RMB0.05 (US$nil) in the third quarter of 2024, compared to basic and diluted net loss per ordinary share of RMB0.15 in the same period of 2023. Each ADS represents two of the Company’s Class A ordinary shares.
Recent Development
Development of Goldshell Pay
As a part of our Web3 industry development initiatives, we have been actively developing applications based on blockchain technology. Goldshell Pay, our first such application, was launched in the third quarter of 2024. It provides professional, one-stop blockchain payment solutions for partners worldwide, equipping merchants with functions for risk monitoring, data operations, and business access. Once commercialized, we plan to collect service fees from merchants who process payments and receipts through Goldshell Pay. Currently in its trial stage, we do not expect Goldshell Pay to contribute materially to our profits during this phase. However, we believe it represents 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 P.M. U.S. Eastern Time on November 20, 2024 (9:00 A.M. Beijing Time on November 21, 2024). Details for the conference call are as follows:
| Event Title: | Intchains Group Limited Third Quarter 2024 Earnings Conference Call |
| Date: | November 20, 2024 |
| Time: | 8:00 P.M. U.S. Eastern Time |
| Registration Link: | https://register.vevent.com/register/BI7793a98395ad40a9b50fc25fb6fae254 |
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 an innovative altcoins development company that primarily focuses on providing integrated solutions consisting of high-performance computing ASIC chip products for altcoins, and on acquiring and holding ETH-based cryptocurrencies as its long-term asset reserve to support its Web3 industry development initiatives including actively developing Web3-based 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 (ix) 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, | As of September 30, | ||||||
| 2023 | 2024 | ||||||
| RMB | RMB | US$ | |||||
| ASSETS | |||||||
| Current Assets： | |||||||
| Cash and cash equivalents | 694,750 | 514,027 | 73,248 | ||||
| Inventories, net | 41,767 | 87,436 | 12,460 | ||||
| Prepayments and other current assets, net | 47,403 | 78,202 | 11,143 | ||||
| Short-term investments | 13,596 | 49,348 | 7,032 | ||||
| Total current assets | 797,516 | 729,013 | 103,883 | ||||
| Non-current Assets: | |||||||
| Cryptocurrency | 645 | 149,529 | 21,308 | ||||
| Property, equipment, and software, net | 49,184 | 49,546 | 7,061 | ||||
| Intangible assets, net | 3,425 | 3,584 | 511 | ||||
| Right-of-use assets | 1,735 | 1,007 | 144 | ||||
| Deferred tax assets | 12,899 | 19,326 | 2,754 | ||||
| Prepayments on long-term assets | 113,425 | 112,856 | 16,080 | ||||
| Other non-current assets | 421 | 432 | 62 | ||||
| Total non-current assets | 181,734 | 336,280 | 47,920 | ||||
| Total assets | 979,250 | 1,065,293 | 151,803 | ||||
| LIABILITIES, AND SHAREHOLDERS’ EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | 195 | 7,645 | 1,089 | ||||
| Contract liabilities | 9,828 | 45,131 | 6,431 | ||||
| Income tax payable | 1,634 | 3,381 | 482 | ||||
| Lease liabilities | 1,103 | 1,136 | 162 | ||||
| Provision for warranty | 40 | 22 | 3 | ||||
| Accrued liabilities and other current liabilities | 15,364 | 13,269 | 1,890 | ||||
| Total current liabilities | 28,164 | 70,584 | 10,057 | ||||
| Non-current Liabilities: | |||||||
| Deferred tax liabilities | — | 543 | 77 | ||||
| Lease liabilities | 761 | — | — | ||||
| Total non-current liabilities | 761 | 543 | 77 | ||||
| Total liabilities | 28,925 | 71,127 | 10,134 | ||||
| Shareholders' Equity: | |||||||
| Ordinary shares (US | 1 | 1 | — | ||||
| Subscriptions receivable from shareholders | (1 | ) | (1 | ) | — | ||
| Additional paid-in capital | 186,262 | 193,243 | 27,537 | ||||
| Statutory reserve | 48,265 | 51,376 | 7,321 | ||||
| Accumulated other comprehensive income | 1,838 | (350 | ) | (50 | ) | ||
| Retained earnings | 713,960 | 749,897 | 106,861 | ||||
| Total equity | 950,325 | 994,166 | 141,669 | ||||
| Total liabilities and shareholders’ equity | 979,250 | 1,065,293 | 151,803 | ||||
| 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 September 30, | ||||||||
| 2023 | 2024 | |||||||
| RMB | RMB | US$ | ||||||
| Products revenue | 6,842 | 60,305 | 8,593 | |||||
| Cost of revenue | (15,054 | ) | (19,508 | ) | (2,780 | ) | ||
| Gross profit/(loss) | (8,212 | ) | 40,797 | 5,813 | ||||
| Operating expenses: | ||||||||
| Research and development expenses | (11,370 | ) | (13,769 | ) | (1,962 | ) | ||
| Sales and marketing expenses | (2,195 | ) | (2,056 | ) | (293 | ) | ||
| General and administrative expenses | (6,176 | ) | (8,744 | ) | (1,246 | ) | ||
| Loss on fair value of cryptocurrency, net | — | (13,089 | ) | (1,865 | ) | |||
| Total operating expenses | (19,741 | ) | (37,658 | ) | (5,366 | ) | ||
| Income/(loss) from operations | (27,953 | ) | 3,139 | 447 | ||||
| Interest income | 4,571 | 4,162 | 593 | |||||
| Foreign exchange gains, net | (603 | ) | (1,301 | ) | (185 | ) | ||
| Other income, net | 1,352 | 2,581 | 368 | |||||
| Income/(loss) before income tax expenses | (22,633 | ) | 8,581 | 1,223 | ||||
| Income tax (expense)/benefit | 3,537 | (5,425 | ) | (773 | ) | |||
| Net Income/(loss) | (19,096 | ) | 3,156 | 450 | ||||
| Foreign currency translation adjustment, net of nil tax | (399 | ) | (1,967 | ) | (280 | ) | ||
| Total comprehensive income/(loss) | (19,495 | ) | 1,189 | 170 | ||||
| Weighted average number of shares used in per share calculation | ||||||||
| — Basic | 119,876,032 | 119,961,032 | 119,961,032 | |||||
| — Diluted | 119,876,032 | 120,035,926 | 120,035,926 | |||||
| Net earnings/(loss) per share | ||||||||
| — Basic | (0.16 | ) | 0.03 | 0.00 | ||||
| — Diluted | (0.16 | ) | 0.03 | 0.00 | ||||
| INTCHAINS GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except per share data) | |||||||
| For the Three Months ended September 30, | |||||||
| 2023 | 2024 | ||||||
| RMB | RMB | US$ | |||||
| Income/(loss) from operations | (27,953 | ) | 3,139 | 447 | |||
| Add: | |||||||
| Share-based compensation expense | 1,490 | 3,247 | 463 | ||||
| Non-GAAP adjusted income/(loss) from operations | (26,463 | ) | 6,386 | 910 | |||
| Net income/(loss) | (19,096 | ) | 3,156 | 450 | |||
| Add: | |||||||
| Share-based compensation expense | 1,490 | 3,247 | 463 | ||||
| Non-GAAP adjusted net income/(loss) | (17,606 | ) | 6,403 | 913 | |||
| Non-GAAP adjusted net earnings/(loss) per share | |||||||
| — Basic | (0.15 | ) | 0.05 | 0.00 | |||
| — Diluted | (0.15 | ) | 0.05 | 0.00 | |||
| 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 | ||
| 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
What was Intchains Group's (ICG) revenue in Q3 2024?
How many ASIC chips did ICG sell in Q3 2024?
What was ICG's cryptocurrency holdings as of September 30, 2024?
What new product did ICG launch in Q3 2024?
