Intchains Group
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Intchains Group (ICG) investor relations material

Intchains Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Engaged in altcoin mining machine design, ETH accumulation and staking, and Web3 infrastructure services, with mining machine sales as the main revenue driver.

  • Operates globally with R&D in China and sales/operations in Singapore; 98 employees as of February 2026.

  • 2025 marked by new product launches (Aleo, Dogecoin, XTM miners) and the acquisition/launch of Goldshell Stake platform for crypto staking services.

  • Q4 2025 revenue declined 51.3% year-over-year to RMB36.1 million due to cyclical market fluctuations and softer demand for mining products.

  • FY 2025 revenue decreased 21.6% year-over-year to RMB220.9 million, with a net loss of RMB52.0 million versus net income of RMB51.5 million in FY 2024.

Financial highlights

  • FY 2025 revenue was RMB220.9 million ($31.6 million), down 21.6% from 2024.

  • Cost of revenue rose to RMB204.9 million ($29.3 million), impacted by inventory impairment charges.

  • FY 2025 net loss was RMB52.0 million ($7.4 million), compared to net income of RMB51.5 million in 2024, affected by lower revenues, margins, and a 12.6% ETH price decrease.

  • Cash and equivalents at year-end totaled RMB473.8 million ($67.8 million); total assets RMB1,015.4 million ($145.2 million), liabilities RMB43.3 million ($6.2 million).

  • Q4 2025 net loss was RMB130.7 million ($18.7 million), driven by lower sales, inventory impairment, and a significant loss in the fair value of cryptocurrencies.

Outlook and guidance

  • 2026 strategy targets margin improvement via cost savings, workforce reduction, and restructuring.

  • Continued ETH accumulation and staking, with selective, value-driven purchases planned.

  • New altcoin mining machines targeted for launch in H2 2026, subject to market and R&D progress.

  • Revenue in H1 2026 expected to be driven by existing mining machine portfolio.

  • Expansion of staking activities and international sales channels planned to offset regulatory impacts in China.

2026 cost initiatives' margin impact
Expected yield from ETH staking activities
Strategy for H2 2026 new mining product launches
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Frequently asked questions

Intchains Group Limited designs and sells application-specific integrated circuit (ASIC) chips for blockchain applications in China. The company also offers ancillary software, hardware, and related products, serving distributors in the technology sector. Founded in 2017, Intchains Group provides integrated solutions aimed at high-performance computing, focusing primarily on the blockchain market. The company is headquartered in Pudong, China, and its shares are listed on NASDAQ under the ticker symbol ICG.

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