Intchains Group (ICG) Q2 2025 earnings summary

Executive summary

• Operates in high-performance altcoin mining machines, strategic ETH accumulation, and Web3 application development, with mining machines as the main revenue driver.

• Q2 2025 revenue declined 64.9% year-over-year to RMB43.2 million ($6 million) due to cyclical market fluctuations and softer demand.

• H1 2025 revenue increased 19.2% year-over-year to RMB175.6 million ($24.5 million), driven by strong Q1 sales of altcoin mining products.

• Strategic focus on R&D, ETH accumulation, and product innovation to drive long-term growth, with significant investments in 2025.

• ETH holdings rose to 8,816 as of June 30, 2025, up 25.5%–26% from March 31, 2025, reinforcing a leading ETH treasury position among public companies.

Financial highlights

• Q2 2025 revenue: RMB43.2 million ($6.0 million), down from RMB123.0 million in Q2 2024 due to lower mining machine sales.

• Q2 2025 net income: RMB38.3 million ($5.3 million), supported by gains in ETH holdings and price increase.

• H1 2025 revenue: RMB175.6 million ($24.5 million), up 19.2% year-over-year; H1 2025 net income: RMB4.3 million ($0.6 million), impacted by ETH price drop.

• Cash and equivalents as of June 30, 2025: RMB512.6 million ($71.6 million); total assets: RMB1,059.6 million ($148 million); liabilities: RMB32.9 million ($4.6 million).

• Q2 2025 gross margin declined due to lower selling prices and inventory impairment; Q2 2025 non-GAAP adjusted net income: RMB40.4 million ($5.6 million).

Outlook and guidance

• Revenue for H2 2025 expected to be impacted by altcoin price volatility and softer sales.

• Focus remains on R&D investment, ETH yield strategies, and new product launches to drive growth in 2026.

• Strategy to optimize ETH yield through staking, liquidity provisioning, and derivatives-based trading.