Intchains Group (ICG) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $10.2 million (RMB74.2 million), up 109% year-over-year, driven by strong demand for altcoin mining products and improved crypto market performance, with some orders deferred to 2025.

• Non-GAAP adjusted net income for Q4 2024 was $2 million (RMB14.8 million), up 54% year-over-year, with significant gains from Ethereum holdings and favorable market conditions.

• FY2024 revenue was $38.6 million (RMB281.8 million), up 242.7% from FY2023, with gross margin rising to 53.7%.

• ETH-based cryptocurrency holdings increased 37% quarter-over-quarter to 5,702 units, valued at $24.7 million (RMB148.8 million) as of December 31, 2024.

• Launched new Aleo mining products and Goldshell Wallet in early 2025, expanding the Web3 ecosystem.

Financial highlights

• Q4 2024 gross margin was 26.2%, down from 67.7% in Q3 2024 due to a higher proportion of lower-margin Dogecoin miner sales.

• FY2024 non-GAAP adjusted net income was $8.3 million (RMB60.5 million), compared to a loss of $3.2 million in FY2023.

• Q4 2024 gain on fair value of cryptocurrency was about $4 million (RMB29.2 million), mainly from a 31.5% increase in Ethereum price and a 37.4% increase in Ethereum holdings.

• Q4 2024 ASIC chip sales volume surged 303.1% year-over-year to 1,705,408 units.

• Year-end total assets were approximately $149 million (RMB149.3 million), with crypto assets valued at $24.7 million.

Outlook and guidance

• Q1 2025 revenue guidance is set conservatively, with expectations of RMB100-120 million, reflecting current market pressures and risk appetite.

• First half 2025 revenue projected at $200 million–$250 million (RMB200-250 million), driven by new product sales and continued market momentum.

• Company remains optimistic about the crypto market, expecting catalysts such as ETF approvals, Bitcoin reserve legislation, and new technologies.

• Ongoing Ethereum treasury strategy with dollar-cost averaging and continued upgrades to Dogecoin and Aleo mining products.