Intchains Group (ICG) Q4 2025 earnings summary

Executive summary

• Engaged in altcoin mining machine design, ETH accumulation and staking, and Web3 infrastructure services, with mining machine sales as the main revenue driver.

• Operates globally with R&D in China and sales/operations in Singapore; 98 employees as of February 2026.

• 2025 marked by new product launches (Aleo, Dogecoin, XTM miners) and the acquisition/launch of Goldshell Stake platform for crypto staking services.

• Q4 2025 revenue declined 51.3% year-over-year to RMB36.1 million due to cyclical market fluctuations and softer demand for mining products.

• FY 2025 revenue decreased 21.6% year-over-year to RMB220.9 million, with a net loss of RMB52.0 million versus net income of RMB51.5 million in FY 2024.

Financial highlights

• FY 2025 revenue was RMB220.9 million ($31.6 million), down 21.6% from 2024.

• Cost of revenue rose to RMB204.9 million ($29.3 million), impacted by inventory impairment charges.

• FY 2025 net loss was RMB52.0 million ($7.4 million), compared to net income of RMB51.5 million in 2024, affected by lower revenues, margins, and a 12.6% ETH price decrease.

• Cash and equivalents at year-end totaled RMB473.8 million ($67.8 million); total assets RMB1,015.4 million ($145.2 million), liabilities RMB43.3 million ($6.2 million).

• Q4 2025 net loss was RMB130.7 million ($18.7 million), driven by lower sales, inventory impairment, and a significant loss in the fair value of cryptocurrencies.

Outlook and guidance

• 2026 strategy targets margin improvement via cost savings, workforce reduction, and restructuring.

• Continued ETH accumulation and staking, with selective, value-driven purchases planned.

• New altcoin mining machines targeted for launch in H2 2026, subject to market and R&D progress.

• Revenue in H1 2026 expected to be driven by existing mining machine portfolio.

• Expansion of staking activities and international sales channels planned to offset regulatory impacts in China.