Intchains Group (ICG) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 11.1 million, down 93.7% year-over-year due to cyclical market softness and PRC mining machine sales restrictions announced in February.

• Net loss for H1 2026 was RMB 148.9 million, with a net loss per share of RMB 1.22 and operating expenses of RMB 42 million.

• Maintained a strong cash position of RMB 461.1 million, enabling full internal funding of next-generation chip development.

• Successfully completed tape-out of a new mining ASIC in July, targeting commercial launch in Q4 2026.

• Announced a $15 million share repurchase program to be funded from existing cash.

Financial highlights

• Revenue for H1 2026 was RMB 11.1 million, with total operating expenses of RMB 42 million.

• Net loss was RMB 148.9 million; basic and diluted net loss per share was RMB 1.22.

• Cash, cash equivalents, deposits, and government securities totaled RMB 461.1 million at period end.

• Cost of revenue was RMB 22.1 million, and gross loss was RMB 10.9 million.

• ETH treasury holdings valued at RMB 98.9 million as of June 30, 2026, including 9,176 ETH.

Outlook and guidance

• New mining ASIC expected to contribute modest revenue in H2 2026, with significant impact in 2027 as commercialization accelerates.

• 2027 anticipated to be the best year in five years, driven by mass production and diversified revenue streams.

• Continued focus on cost optimization, commercializing new ASIC, and advancing AI-related growth opportunities.

• Exploring AI-adjacent growth and potential acquisitions for diversification.