Intchains Group (ICG) Company Report

Analyst Coverage

Research analysts who have asked questions during Intchains Group earnings calls.

Mark Palmer

The Benchmark Company, LLC

2 questions for ICG

Also covers: CAN, DAVE, GLXY +4 more

Matthew Galinko

Maxim Group

2 questions for ICG

Also covers: ADEA, ALMU, ARBE +12 more

David Li

Premier Partners

1 question for ICG

Also covers: API

Kevin Dede

H.C. Wainwright & Co.

1 question for ICG

Also covers: ARBK, BTBT, CAN +13 more

Laura Lui

Premia Partners

1 question for ICG

Marco

Golonghui Research

1 question for ICG

Latest news

Recent press releases and 8-K filings for ICG.

Intchains Group Limited Divests Non-Core Chip R&D Business

ICG

M&A

New Projects/Investments

Layoffs

Intchains Group Limited announced on January 6, 2026, that its wholly owned subsidiary, Shanghai Intchains Technology Co., Ltd., entered into an agreement on January 5, 2026, to sell certain assets related to a non-core chip R&D business to Shanghai TopsFuture Microelectronics Co., Ltd..
The aggregate consideration for the divestiture is RMB18.0 million, comprising a fixed payment of RMB3.0 million for intellectual property and a contingent arrangement for up to RMB15.0 million for inventory.
This divestiture is part of Intchains' strategic realignment to streamline operations, enhance capital efficiency, and optimize its organizational structure by reducing headcount associated with the non-core business.
The transaction was approved by Intchains' board of directors on January 5, 2026, with Mr. Qiang Ding, the Company's chairman and chief executive officer, recusing himself due to his control of TopsFuture.

Jan 6, 2026, 9:01 PM

6-K

Intchains Reports Q3 2025 Results, Driven by Cryptocurrency Gains and Strategic Investments

ICG

Earnings

New Projects/Investments

Demand Weakening

Intchains reported a significant net income of RMB 74.4 million ($10.5 million) for Q3 2025, a substantial increase from RMB 3.2 million in Q3 2024, primarily due to gains on the fair value of cryptocurrency related to a ~67.5% increase in ETH price during the period.
Revenue for Q3 2025 was RMB 9.1 million ($1.3 million), a decrease from RMB 60.3 million in Q3 2024, which the company attributed to market cyclicality and softer demand for its products.
As of September 30, 2025, the company maintained a strong financial position with total assets of RMB 1,143.0 million ($160.6 million) and a cash position of RMB 473.6 million ($66.5 million).
ICG holds 8,819 units of ETH in its treasury and plans to acquire a Proof-of-Stake platform for $1.3 million to enhance ETH yield through diversified staking.
The company launched new XTM miners and Alephium mining cards and anticipates launching a new Dogecoin mining machine in H1 2026 to drive future revenue growth.

Nov 14, 2025, 1:00 AM

Presentation

Intchains Group Limited Reports Q3 2025 Results and Strategic Initiatives

ICG

Earnings

Product Launch

M&A

Intchains Group Limited reported Q3 2025 revenue of RMB 9.1 million and a loss from operations of RMB 41.8 million, attributing the decline to softer demand for mining machines and cyclical market volatility.
For the nine months ended September 30, 2025, net income reached RMB 78.7 million ($11 million), primarily boosted by a RMB 79.3 million ($11 million) gain in the fair value of cryptocurrencies.
The company launched its XTM mining series in September 2025, anticipating meaningful Q4 revenue, and plans to introduce a new Dogecoin mining machine in H1 2026.
Intchains announced the acquisition of a proof-of-stake technology platform to expand its blockchain infrastructure and staking services, holding 9,919 ETH-based cryptocurrencies valued at approximately $37 million as of September 30, 2025.

Nov 14, 2025, 1:00 AM

Transcript

Intchains Group Limited Reports Q3 2025 Financial Results and Strategic Initiatives

ICG

Earnings

Product Launch

New Projects/Investments

Intchains Group Limited reported Q3 2025 revenue of RMB9.1 million (US$1.3 million), marking an 84.8% decrease compared to the same period in 2024, primarily due to cyclical market fluctuations and softer demand for mining products.
Despite the revenue decline, the company achieved net income of RMB74.4 million (US$10.5 million) for Q3 2025, a 2258.4% increase year-over-year, largely driven by a RMB107.2 million (US$15.1 million) gain from the change in fair value of cryptocurrencies, attributed to an approximate 67.5% increase in ETH price.
Operationally, Intchains launched new XTM mining products and initiated ETH staking with FalconX, deploying 1,000 ETH as of September 30, 2025.
The company entered into a definitive agreement to acquire a Proof-of-Stake technology platform for $1.3 million to expand its cryptocurrency staking business.
As of September 30, 2025, the fair value of cryptocurrency assets (excluding stablecoins) was RMB263.6 million (US$37.0 million), including approximately 8,819 ETH-based cryptocurrencies.

Nov 13, 2025, 9:02 PM

6-K

Intchains Group Limited to acquire Proof-of-Stake technology platform

ICG

M&A

New Projects/Investments

Intchains Group Limited (ICG) has signed a definitive agreement to acquire a Proof-of-Stake (PoS) technology platform from ECHOLINK Limited for $1.3 million.
The acquisition, expected to close in approximately 30 business days, will expand Intchains' digital asset capabilities to include staking operations for Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX).
Intchains plans to leverage the new PoS platform, alongside its existing FalconX platform, to stake the bulk of its ETH holdings as part of its yield-generating strategy.

Nov 13, 2025, 12:00 PM

Press Release

Intchains Group Limited to Acquire Proof-of-Stake Technology Platform

ICG

M&A

New Projects/Investments

Intchains Group Limited (ICG) has signed a definitive agreement to acquire a Proof-of-Stake (PoS) technology platform from ECHOLINK Limited for $1.3 million.
The acquisition, expected to close in approximately 30 business days, will expand Intchains' digital asset capabilities by adding staking operations for Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX).
The acquired assets include comprehensive systems, technological infrastructure, and existing customer relationships, positioning Intchains for growth in decentralized finance.
Intchains intends to leverage the newly acquired PoS platform, alongside its existing FalconX platform, to stake the bulk of its ETH holdings as part of its yield-generating strategy.
Currently, 1,000 ETH, representing approximately 11.3% of Intchains' total ETH treasury holdings, is staked on the FalconX platform.

Nov 13, 2025, 11:09 AM

6-K

Intchains Reports Strong Q4 2024 Results and Provides 2025 Guidance

ICG

Earnings

Guidance Update

Product Launch

Intchains reported Q4 2024 revenue of $10.2 million, a 109% year-over-year increase, and non-GAAP adjusted net income of $2 million, up 54%.
The company's Ethereum holdings grew 37% quarter-on-quarter to 5,702 units in Q4 2024, contributing to $24.7 million in crypto assets (16.6% of total assets) and a total of $96 million in combined cash, short-term investments, and cryptocurrencies at year-end.
Intchains launched its Aleo Series mining product in February 2025 and the Goldshell Wallet, aiming to drive performance in the first half of the year and expand its Web3 application ecosystem.
The company projects Q1 2025 revenue to be approximately $100 million-$120 million and first-half 2025 revenue to reach around $200 million-$250 million, primarily driven by new product sales and market momentum.