Intchains Group Limited American Depositary Shares - ICG STOCK NEWS

Intchains Group Limited (Nasdaq: ICG) has entered into an asset acquisition agreement with GOLDSHELL PTE. LTD. to purchase certain assets used in the Seller’s operation of its Goldshell WEB3 infrastructure brand for US$550,000 in cash. The acquisition is expected to be completed by the end of the first quarter of 2024. The Chairman of the Board of Directors and CEO of Intchains, Mr. Qiang Ding, expressed excitement about the acquisition, stating that it will enable the company to enter the downstream production and sales sector across mining equipment and other WEB3 infrastructure-related hardware and software products with an effective multi-brand strategy.

Intchains Group Limited (Nasdaq: ICG) announced unaudited financial results for Q3 2023, revealing a decrease in sales volume and revenue due to challenging conditions in the blockchain market. The company also discussed plans for technological breakthroughs and market recovery, including a non-binding letter of intent for an acquisition. The third quarter financial results showed a net loss of RMB19.1 million, compared to a net income of RMB96.6 million for the same period in 2022.

Intchains Group Limited (Nasdaq: ICG) will release its unaudited financial results for the third quarter of 2023 on November 16, 2023. The company will host an earnings conference call on the same day to discuss the results. Participants must register online to receive the dial-in numbers and access PIN. A live and archived webcast of the conference call will be available on the company's website.

Intchains Group Limited (Nasdaq: ICG) announced its unaudited financial results for Q2 2023. Sales volume of ASIC chips decreased by 65.3% compared to the same period in 2022. Revenue was RMB13.9 million, a decrease of 91.3% from the previous year. Net loss was RMB20.5 million, compared to a net income of RMB117.6 million in Q2 2022.

Intchains Group Limited (Nasdaq: ICG) reported its unaudited financial results for Q4 and the full year of 2022, revealing significant declines in sales and profitability. In Q4 2022, sales volume dropped by 74.5% to 666,420 ASIC chips, leading to an 88.8% revenue decrease to RMB33.7 million (US$4.9 million). Net income also plummeted by 93.6% to RMB12.7 million (US$1.8 million). For the full year, ASIC chip sales totaled 3,235,235 units, a decline of 36.7%, with annual revenue at RMB473.7 million (US$68.7 million), down 25.0% year-over-year. The CEO attributed the downturn to the cryptocurrency market's price decline, which reduced product demand and margin, dropping to 41% in Q4 from 85% in prior quarters. Despite challenges, the company achieved profitability and anticipates stable financial conditions in Q1 2023, with a projected revenue of RMB26 million (US$3.8 million).

Intchains Group Limited (Nasdaq: ICG) announced its upcoming earnings call on April 18, 2023, at 9:00 p.m. U.S. Eastern Time, where it will disclose unaudited financial results for Q4 and the full year ended December 31, 2022. The company specializes in high-performance ASIC chips and software for blockchain applications, employing a fabless business model and strong supply chain management to ensure product quality. Intchains has developed the 'Xihe' Platform to support a variety of ASIC chip designs. The call will be accessible via several dial-in options and an archived webcast will be available on the company's website after the call.