Intchains Group (ICG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined to RMB 9.1 million, down 84.8% year-over-year, due to cyclical market fluctuations and softer demand for mining products, especially after the ALEO project demand stabilized.

• Net income surged to RMB 74.4 million (US$10.5 million), up 2258.4% year-over-year, driven by significant gains from ETH price appreciation and increased holdings.

• The company launched new XTM and Alephium mining products and initiated ETH staking with FalconX, deploying 1,000 ETH for yield generation.

• Acquisition of a Proof-of-Stake platform expands staking operations across ETH, AVAX, MANTA, and CFX.

• Focused on high-performance altcoin mining products, strategic Ethereum accumulation, and Web3 application development, with global operations and over 130 employees.

Financial highlights

• Q3 2025 revenue was RMB 9.1 million (US$1.3 million), down from RMB 60.3 million in Q3 2024.

• Nine months 2025 revenue was RMB 184.7 million (US$25.9 million), down 11% year-over-year due to market fluctuations and softer demand.

• Q3 2025 net income was RMB 74.4 million (US$10.5 million), up from RMB 3.2 million, driven by ETH price gains.

• Nine months 2025 net income was RMB 78.7 million (US$11.1 million), up from RMB 38.7 million in 2024, aided by a 21.4% ETH price rise and increased ETH holdings.

• Non-GAAP adjusted net income for Q3 2025 was RMB 76.7 million (US$10.8 million); for nine months 2025: RMB 85.1 million (US$12.0 million).

Key financial ratios and metrics

• As of September 30, 2025: cash and equivalents, deposits, and government securities totaled US$66.5 million; total assets US$160.6 million; total liabilities US$5.6 million.

• R&D investment for nine months 2025 was RMB 64.2 million (US$9.0 million).

• Gross profit for nine months 2025 was RMB 76.6 million (US$10.8 million), down from RMB 131.9 million in 2024.

• Q3 2025 gross margin declined due to lower selling prices and inventory impairment.

• Q3 2025 basic and diluted EPS: RMB 0.61 (US$0.09); nine months 2025: RMB 0.65 (US$0.09).