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 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.

• Strategic focus on diversifying revenue, including early-stage exploration of AI-related growth and potential acquisitions.

Financial highlights

• Revenue for H1 2026 was RMB 11.1 million, down from RMB 175.6 million in H1 2025, with total operating expenses of RMB 42 million.

• Net loss per ordinary share was RMB 1.22, and non-GAAP adjusted net loss per share was RMB 1.18 for H1 2026.

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

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

• Gross margin turned negative due to inventory impairment and lower selling prices.

Outlook and guidance

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

• Anticipates 2027 to be a strong year, potentially the best in five years, driven by new product launches and diversification.

• Continued focus on cost optimization, disciplined execution, and advancing AI-related initiatives.